New York State has filed a lawsuit against Kalshi, a prediction market platform. The legal action accuses the company of operating an illegal gambling enterprise within the state.
In the complaint, the state is seeking at least $36 billion in compensatory damages.
Part of a broader regulatory crackdown
The suit against Kalshi follows similar legal actions taken by New York State against major cryptocurrency exchanges (note: this statement is, per claim:2). The state previously filed lawsuits against Coinbase and Gemini, marking a continued effort to regulate digital asset and prediction markets under existing gambling laws.