Kalshi vows appeal after Washington judge finds prediction market likely violates state gambling laws
A Washington state judge has granted a preliminary injunction against prediction market operator Kalshi, finding it likely violates the state's Gambling Act and Consumer Protection Act. The Washington Attorney General argued Kalshi's platform, which allows betting on events like sports and elections, constitutes an illegal online gambling business. Kalshi vowed to appeal, contending its event contracts are regulated by the Commodity Futures Trading Commission under federal law and that states lack jurisdiction. The case highlights the legal conflict over whether federally regulated prediction markets are subject to state gambling laws. The outcome could significantly influence the future oversight of such markets across the United States.
ambcrypto07/21 19:42
