NY looks to shut down Kalshi, have it pay $36 billion in new lawsuit
New York files lawsuit seeking to shut down Kalshi, alleging it operates illegal sports betting and demanding $36 billion in penalties.Summary
The New York Attorney General’s office has filed a 32‑page complaint in Manhattan’s state Supreme Court accusing Kalshi, a prediction‑market platform, of operating an unregulated sports‑betting service that violates the state’s minimum‑age gambling law. The suit seeks an injunction that would bar Kalshi from operating in New York and imposes $36 billion in penalties, arguing that the platform’s contracts constitute gambling by another name. Kalshi denies wrongdoing, saying it is a regulated commodity‑futures market and that the lawsuit is political theater that could drive users offshore. The action follows a federal court ruling that also rejected Kalshi’s attempt to shield itself from state regulation, and comes amid a broader national debate over whether prediction‑market exchanges should be governed by the Commodity Futures Trading Commission or state gambling statutes.
(Source：Google News)