"Washington's lawsuit targets Kalshi's binary event contracts, which are priced between one cent and 99 cents, claiming they meet the state's definition of gambling under RCW 9.46.0237."
"The Attorney General's office is seeking a permanent injunction, full restitution for losses incurred by Washington residents, and civil penalties for each violation of state gambling laws."
"Kalshi, founded in 2018, operates as a CFTC-designated contract market and has aggressively expanded into sports betting, marketing its platform as legal in all 50 states."
"Kalshi disputes specific claims in the complaint, particularly regarding the alleged offering of war markets, and has moved the case to federal court citing exclusive federal jurisdiction."
Washington's Attorney General filed a lawsuit against Kalshi, asserting that its binary event contracts qualify as gambling under state law. The complaint seeks a permanent injunction, restitution for losses, and civil penalties. Kalshi's contracts involve wagers on various events, including elections and public health data. The company, which operates as a CFTC-designated market, has expanded into sports betting. Kalshi disputes the claims and moved the case to federal court, arguing that the lawsuit is premature and that it does not offer certain markets as alleged.
Read at news.bitcoin.com
Unable to calculate read time
Collection
[
|
...
]