"The commission is currently embroiled in a legal battl ewith prediction market Kalshi, opposing the company's motion for a preliminary injunction. Ohio is blocking Kalshi's attempt to seek injunctive relief from state law and avoid attempted restrictions to its operations. This is just one of many state moves to block the activity of prediction markets across the US, with regulators arguing that companies like Kalshi should not be able to avoid betting regulations."
"The Massachusetts court denied Kalshi's motion to dismiss the state's enforcement action against it and granted the state's motion for preliminary injunction, prohibiting Kalshi from offering sports-related event contracts in Massachusetts without obtaining a state license," reads the document filed by the Commission, as shared by gambling lawyer David Wallach. "In its decision, the court concluded that-even assuming Kalshi's event contracts constitute swaps a question the court found unnecessary to reach) Kalshi failed to establish that the Commodity Exchange Act preempts Massachusetts's sports-gambling laws."
The Ohio Casino Control Commission filed the Massachusetts court ruling against Kalshi as supplemental authority in its lawsuit opposing Kalshi's motion for a preliminary injunction. The commission seeks to block Kalshi's attempt to obtain injunctive relief from state law and avoid restrictions on its prediction-market operations. Multiple states have taken similar enforcement actions, asserting that prediction markets cannot evade betting regulations. In Massachusetts, Judge Barry Smith granted a preliminary injunction and noted unresolved details about prohibiting new contracts without affecting existing ones. The Massachusetts court denied Kalshi's motion to dismiss and found that Kalshi failed to establish Commodity Exchange Act preemption of state sports-gambling laws.
Read at ReadWrite
Unable to calculate read time
Collection
[
|
...
]