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Channel NewsAsia
Channel NewsAsia
AsiaPac · 50 mins ago
Judge rejects Kalshi bid to block New York gambling enforcement law
NEW YORK, July 8 : A federal judge denied Kalshi's bid to block New York from enforcing its gambling laws against the prediction markets platform, amid a growing battle between federal and state regulators over authority to police the fast-growing industry.In a decision on Tuesday, U.S. District Judge Analisa Torres in Manhattan said Kalshi did not deserve a preliminary injunction, because the federal Commodity Exchange Act did not supersede New York's gambling laws as applied to Kalshi’s sports-event contracts.Torres also said New York's interests in preventing gambling addiction, preserving sports' integrity and avoiding a proliferation of unregulated contracts "heavily" outweigh Kalshi's interests in ensuring the primacy of federal law and that customers don't face "intractable" technol
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