A federal judge has blocked Arizona from prosecuting the prediction market Kalshi on charges of illegal gambling and election wagering.
The Arizona Attorney’s General's Office filed criminal charges against Kalshi in March. Then the state was sued for doing so by the Trump administration.
Now, a federal judge says regulating gambling law is a rudimentary exercise of state police power. But federal law preempts local authority when it tries to regulate derivatives exchanged on markets under the watch of the Commodity Futures Trading Commission.
The Third Circuit Court of Appeals recently found that Kalshi is regulated by that commission and blocked legal action by New Jersey.
A Ninth Circuit case is pending.
Read the ruling below:
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