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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.
New York regulators are trying to shut down Kalshi, a political prediction platform offering bet-like contracts, calling it illegal gambling.
Kalshi counters that its trades are regulated commodities under federal law, not gambling, and has sued to block the state’s order.
The state paused enforcement while a judge reviews the case.
The legal fight mirrors similar disputes in New Jersey and Nevada.
Rival Polymarket, which previously halted U.S. operations, has obtained a license and plans to resume.
Political figures have cited Kalshi’s odds in campaigns, though some officials dismiss them as unreliable.
The conflict may ultimately reach the Supreme Court.
Nueva York busca cerrar Kalshi, un mercado de predicción política, llamándolo juego ilegal, pero Kalshi dice que es un comercio legal de productos básicos, lo que desata una batalla legal.