Judge Rakoff denies CFTC emergency bid to block New York’s Kalshi enforcement case
The order leaves the state lawsuit in place and lets the CFTC renew its request before Judge Marrero on Aug. 7.
Start hereKalshi is a federally regulated U.S. derivatives exchange where traders buy and sell yes-or-no event contracts that settle at $1 or $0.

Kalshi’s core cost is a per-contract fee that peaks at 1.75¢ at 50¢, plus separate deposit and withdrawal charges that depend on payment method.

Kalshi lists CFTC-regulated election event contracts that trade from $0 to $1 and settle at $1 or $0, so the price can be read as a probability only when the market is liquid and the rules are clear.
The order leaves the state lawsuit in place and lets the CFTC renew its request before Judge Marrero on Aug. 7.
A separate SDNY Polymarket defendant is asking to dismiss CEA counts by arguing event contracts are not clearly “swaps.”
The filing details are not in the packet, leaving the alleged conduct and any non-monetary terms unresolved.
No pending DCM filing was visible in CFTC records as of the day the plan was announced at Rare Evo.
A July 27 injunction blocks Aug. 1 enforcement while the court weighs CEA preemption for some event contracts.
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Testimony flagged CFTC staffing limits as state court fights intensify around Kalshi and Polymarket.
The order cites Washington gambling laws, leaving the scope and user impact unclear from the available packet.
Regulators cited illegal gambling status, ad-related criminal exposure, and a prosecutor-led probe into missing KYC controls.
A longtime teleprompter operator was placed on unpaid leave as regulators weigh a settlement over “Mentions” contracts.
Lummis expects new text within days and a Senate floor slot next week as prediction markets price a vote higher than enactment.
The regulator framed forced reversals as a threat to contract certainty on a CFTC-registered venue.
The odds appear as implied chances of winning and are labeled informational-only, with no in-app betting.
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The crypto VC says it will stay crypto-first while investing across “other frontiers,” citing Hyperliquid and Kalshi.
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Polymarket International rose to roughly $4.3B as US and EU regulators sharpen their stance on event contracts.