Kalshi Sues Illinois Officials Over State Ban on Sports Event Prediction Contracts
By
@cointelegraph
Summary
Prediction markets company Kalshi has filed a federal lawsuit against Illinois Governor JB Pritzker, Attorney General Kwame Raoul, and other state gaming board officials, alleging that recently signed state legislation banning sports event contracts on prediction platforms unlawfully usurps the authority of the US Commodity Futures Trading Commission (CFTC). The lawsuit, filed in the US District Court for the Northern District of Illinois, argues that Illinois overstepped its regulatory bounds by directly banning sports event contracts, encroaching on federal jurisdiction over prediction markets and derivatives trading.
Source
bskyKalshi Sues Illinois Officials Over State Ban on Sports Event Prediction Contractscointelegraph.comKey quotes
· 3 pulledKalshi alleged that Illinois officials 'usurped' the authority of the US Commodity Futures Trading Commission (CFTC) over prediction markets.
The company alleged that legislation signed into law last week in Illinois, requiring prediction markets to...
Kalshi alleged that Illinois Governor JB Pritzker, Attorney General Kwame Raoul, and other officials on the state's gaming board 'usurped' the authority of the US Commodity Futures Trading Commission (CFTC) over prediction markets.
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