Oh, do come along, dear New York! Kalshi, that most audacious of trading platforms, has flung open the curtains on a lawsuit against your esteemed Gaming Commission. Why? Because they dared to issue a cease-and-desist order for “illegally” offering sports betting. How daring of them! 🎩
In a Manhattan courtroom Monday, Kalshi’s complaint declared, “You can’t boss us about-we’re under the CFTC’s loving gaze!” Cue the eye-roll. 🐰 (Who knew jumping through federal regulatory hoops could be so… exhausting?)
The state, bless its bureaucratic heart, threatened “imminent civil penalties and fines” for daring to let New Yorkers wager on sports events. Kalshi, ever the drama queen, now begs the court for an injunction and a constitutional declaration. “We’re just here for the drama, darling!” 🎭
Event contracts on platforms like Kalshi and Polymarket? The new black in crypto fashion. Let folks bet on politics, sports, or whether someone will remember to feed their goldfish–everyone’s invited! 🎠
Kalshi’s legal escapades aren’t confined to New York, of course. Nevada, New Jersey, Maryland, Ohio-oh, and Massachusetts, too-have all been treated to their own little legal operas. 🎶
New York Claims Kalshi Is Unlicensed
The Gaming Commission, in a letter delivered Friday, accused Kalshi of “illegally operating” without a license. How unfashionable. 🙄
They demanded Kalshi “cease and desist” from “advertising, promoting, or otherwise making available” their unlicensed platform. One might call it a “gentle nudge,” but Kalshi prefers “harassment.” 🤡
Kalshi retorted, “You’re stepping on Congress’s toes!” The CFTC, they claimed, is our only true love. New York’s efforts, they added, are “field-preempted and conflict-preempted”-a phrase that sounds suspiciously like a tango between state and federal regulators. 💃🕺
They warned of “immediate and irreparable harm” if forced to stop. “Shutting us down would require technological solutions so complex, even Elon would faint!” 🧵
Kalshi Notches Wins in Court
Kalshi boasts preliminary injunctions in Nevada and New Jersey, thwarting “similar state overreach.” A Nevada judge, April 2024: “Kalshi will suffer harm unless we block the state.” New Jersey, same month: “Same.” But Maryland? A polite no. 🤷
Robinhood and Crypto.com have joined the legal ballet, claiming they too were blocked. Meanwhile, a Nevada court recently denied Crypto.com’s injunction request. How dramatic. 🎭
And there you have it, dear reader-a legal tangle so twisty, it’s like a ballroom full of politicians arguing over the weather. 🌧️💃
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2025-10-28 09:34