⚖️ DOJ and CFTC sue Arkansas to shield Kalshi from state crackdown
The U.S. Justice Department and the CFTC have sued Arkansas Attorney General Tim Griffin in federal court to block the state's enforcement action against prediction market Kalshi. Griffin sued Kalshi on November 4, calling it an illegal gambling platform under Arkansas law.
The federal agencies argue the Commodity Exchange Act gives the CFTC exclusive jurisdiction, that the contracts Arkansas targets are swaps, and that state law is preempted. They are asking for preliminary and permanent injunctions, which would also cover future state actions against CFTC-regulated prediction markets.
⭐ Washington is now directly taking on the states in the prediction market fight, and the outcome could decide whether platforms like Kalshi and Polymarket face one federal rulebook or a patchwork of state bans.
#Kalshi #PredictionMarkets #CFTC #Regulation
The U.S. Justice Department and the CFTC have sued Arkansas Attorney General Tim Griffin in federal court to block the state's enforcement action against prediction market Kalshi. Griffin sued Kalshi on November 4, calling it an illegal gambling platform under Arkansas law.
The federal agencies argue the Commodity Exchange Act gives the CFTC exclusive jurisdiction, that the contracts Arkansas targets are swaps, and that state law is preempted. They are asking for preliminary and permanent injunctions, which would also cover future state actions against CFTC-regulated prediction markets.
⭐ Washington is now directly taking on the states in the prediction market fight, and the outcome could decide whether platforms like Kalshi and Polymarket face one federal rulebook or a patchwork of state bans.
#Kalshi #PredictionMarkets #CFTC #Regulation
