Episode Details

New York is cracking down on Kalshi, calling it an illegal gambling operation and demanding its profits be seized — citing unlicensed status, tax evasion, and underage participation. This follows similar lawsuits against Coinbase and Gemini, as the state insists prediction markets are gambling by definition. Kalshi fires back, claiming federal licensing shields it from state interference and that shutting it down will just drive users to offshore sites. The battle over jurisdiction is escalating — Kalshi argues the CFTC has exclusive authority, while states push back, claiming sports betting falls under their control. Legal fights are heating up nationwide, with a federal judge recently blocking Minnesota’s ban, showing this isn’t over anytime soon.

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