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New York vs Kalshi Prediction Market Lawsuit | Irvine News
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New York is suing prediction market platform Kalshi, calling it an illegal gambling operation and demanding they surrender all profits, pay restitution, and face triple fines — but Kalshi fires back, insisting it’s federally licensed and states have no right to shut it down, warning the lawsuit will push users to offshore sites. This high-stakes legal clash reflects a nationwide battle between states and the federal government over who controls these emerging markets, with New York’s move echoing a similar suit against Coinbase and Gemini — and a recent federal court ruling blocking a Minnesota ban adding fuel to the fire.
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