Kalshi has suffered repeated legal defeats as federal courts have rejected its attempts to block state gambling enforcement in Connecticut, New York, and Nevada. The core dispute centers on whether Kalshi's prediction markets qualify as gambling under state law or as CFTC-regulated swaps. Arkansas Attorney General Tim Griffin has also filed a new lawsuit accusing Kalshi of operating unlicensed gambling with underage users.
Background
Kalshi is a prediction market platform that has been aggressively expanding while challenging state-level gambling regulations, claiming its products are financial swaps regulated by the CFTC rather than gambling. The Trump administration has shown support for Kalshi, with Donald Trump Jr. serving as an advisor.
- Source
- Ars Technica
- Published
- Nov 6, 2026 at 03:46 AM
- Score
- 6.0 / 10