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flag New York seeks to shut down Kalshi, a political prediction market, calling it illegal gambling, but Kalshi says it's legal commodities trading, sparking a legal battle.

flag New York regulators are trying to shut down Kalshi, a political prediction platform offering bet-like contracts, calling it illegal gambling. flag Kalshi counters that its trades are regulated commodities under federal law, not gambling, and has sued to block the state’s order. flag The state paused enforcement while a judge reviews the case. flag The legal fight mirrors similar disputes in New Jersey and Nevada. flag Rival Polymarket, which previously halted U.S. operations, has obtained a license and plans to resume. flag Political figures have cited Kalshi’s odds in campaigns, though some officials dismiss them as unreliable. flag The conflict may ultimately reach the Supreme Court.

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