"Washington is suing Kalshi for running an illegal betting operation. Kalshi tries to deceive governments and consumers by calling itself a 'prediction market.' If you spend a minute on their website, you'll clock that this is a gambling site."
"According to the filing, these activities meet Washington's legal definition of gambling, which includes risking money on uncertain outcomes with the expectation of a payout."
"Kalshi responded by filing a notice of removal, transferring the case to federal court. In it, the company states it operates 'a federally regulated derivatives exchange' where users trade event-based contracts rather than place bets."
Washington's Attorney General filed a lawsuit against Kalshi, alleging it operates an illegal online gambling platform. The complaint states that Kalshi offers opportunities to bet on various topics, which meets the state's legal definition of gambling. The lawsuit claims the platform is accessible to users in Washington despite internet gambling restrictions. Kalshi moved the case to federal court, asserting it operates a federally regulated derivatives exchange overseen by the Commodity Futures Trading Commission, arguing that the case involves federal statutes and jurisdiction.
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