"Kalshi claims that Montana officials are "unconstitutionally threatening to prohibit trading on Kalshi's federally designated contract market," asserting that its contracts are "federally authorized" and fall under the CFTC's exclusive jurisdiction."
"Montana regulators have determined that Kalshi's offerings in the state "constitute illegal gambling" under state law, ordering the company to cease operations for residents and warning of potential legal action."
Kalshi filed for a preliminary injunction in federal court to stop Montana officials from enforcing state gambling laws against its prediction market. The company argues that its trading activities fall under the jurisdiction of the U.S. Commodity Futures Trading Commission, not state laws. Montana regulators have labeled Kalshi's offerings as illegal gambling, threatening legal action if the company does not comply. Kalshi maintains that its contracts are federally authorized derivatives, not state-controlled gambling products.
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