Regulation· ★★★· neutral·

New York Gaming Commission asks court to force Kalshi to comply with subpoenas

  • —Petition logged October 22; subpoenas issued July 31 under section 104(7) of the Racing Law
  • —Records sought cover sports contracts, under-21 access, betting-style advertising and ownership
  • —Kalshi argues its event contracts fall under CFTC oversight, not state gambling law
  • —Federal appeals courts are split: Third Circuit backed Kalshi, Ninth and Sixth ruled against
Why it matters: The Second Circuit's eventual ruling will decide whether states can regulate prediction markets, shaping the entire event-contracts sector.
Source: Cryptopolitan
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