The order escalates a jurisdictional fight over whether states may treat federally regulated event contracts as illegal gambling.
The US Commodity Futures Trading Commission (CFTC) invoked its emergency authority on Tuesday, ordering prediction market Kalshi to continue operating.
The CFTC said that New York’s enforcement action and request for a temporary restraining order themselves constituted a market emergency and directed Kalshi to continue operating in accordance with its normal practices and the Commodity Exchange Act’s Core Principles.
New York’s requested temporary restraining order would bar Kalshi from operating a business offering contracts tied to sports, culture, elections and other events in or from New York or to people in the state. The CFTC said the order could prevent Kalshi from offering all event contracts nationwide because it is based in New York. According to the CFTC, New York is seeking at least $36 billion in compensatory damages pending an accounting.
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