Kalshi Gets DOJ Backing Against Arkansas Amid Prediction Markets Turf War
By Unchained
AI summary of the source article
The U.S. Department of Justice and the CFTC sued Arkansas and its attorney general to halt the state's enforcement action against prediction market Kalshi, arguing federal law preempts state authority over CFTC-regulated swap contracts.
Key facts
- The federal lawsuit, filed November 12, asserts Kalshi's sports event contracts are swaps subject to exclusive CFTC jurisdiction.
- Arkansas Attorney General Tim Griffin sued Kalshi on November 4, alleging it operates as an illegal gambling platform under state law.
- Courts in Arizona, Illinois, and Minnesota have previously granted preliminary injunctions favoring federal preemption in similar state actions.
Source excerpt · Unchained
The U.S. and the CFTC say federal law gives the agency exclusive say over Kalshi's event contracts and asked a judge to stop Arkansas from enforcing state law against them. The post Kalshi Gets DOJ Backing Against Arkansas Amid Prediction Markets Turf War appeared first on Unchained .