‘Major loss’: New York Court rejects Kalshi’s injunction request
The post ‘Major loss’: New York Court rejects Kalshi’s injunction request appeared on BitcoinEthereumNews.com. Prediction market platform Kalshi has suffered a legal loss in New York. According to a court filing on the 7th of July, the firm was denied a preliminary injunction by Judge Analisa Torres of the Southern District of New York. Judge Torres maintained that gambling falls under the purview of local state oversight. The scope of laws regulating gambling and lotteries is clearly a matter of predominantly state concern. Additionally, Judge Torres clarified that federal law, the Commodity Exchange Act, does not preempt state gambling laws. Courts apply a presumption against preemption with respect to areas where states have historically exercised their police powers. Source: Court Listener She explained that such a presumption arises only when Congress legislates in a field traditionally governed by the states. In other words, federal authority applies only where Congress has