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Better Markets urges Second Circuit to preserve New York’s power over Kalshi sports contracts
The advocacy group argues that Kalshi’s event contracts are gambling, while the CFTC maintains that federally regulated prediction markets fall under its exclusive authority.
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Second Circuit leaves Kalshi’s New York and Connecticut losses in place
The emergency orders preserve state enforcement while the courts continue to weigh whether sports prediction contracts are federally regulated swaps or gambling.
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Second Circuit declines to shield Kalshi and Coinbase from New York and Connecticut cases
The emergency ruling lets state gambling-law suits resume while leaving the central federal-preemption question unresolved.