TechFlow news, October 28 — According to CoinDesk, prediction market platform Kalshi filed a federal lawsuit on October 28, 2025, against the New York State Gaming Commission, challenging its decision to ban the company's sports-related contracts. As a CFTC-registered Designated Contract Market (DCM), Kalshi argues that under the Commodity Exchange Act, the CFTC holds "exclusive jurisdiction" over derivatives traded on federally regulated exchanges, and that New York State's intervention violates federal law. The company earlier this year self-certified sports event contracts with the CFTC, allowing users to financially wager on game outcomes. Kalshi is seeking emergency relief to block New York from enforcing its cease-and-desist order, claiming that failure to do so would cause irreparable harm to the platform and its users.
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