Federal Government Moves To Block Arizona From Criminally Prosecuting Kalshi

Benzinga_recent_news04-10 01:02

The Commodity Futures Trading Commission filed a motion Wednesday asking a federal judge to immediately freeze Arizona’s criminal prosecution of Kalshi, escalating a federal-state confrontation that ...

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The motion follows a suit filed last week alongside the Department of Justice. \n“Arizona’s decision to weaponize preempted state criminal law against companies that comply with a comprehensive federal regime sets a dangerous precedent,” said CFTC Chairman Michael Selig.\nArizona AG Kris Mayes filed 20 misdemeanor counts against Kalshi on March 17, including four counts of election wagering and 16 counts of unlawful betting, the first criminal charges ever brought against a CFTC-registered prediction market.\nThe CFTC also sued Connecticut and Illinois, both of which issued cease-and-desist letters to federally regulated platforms. The agency argues the Commodity Exchange Act gives it exclusive jurisdiction over event contracts, locking states out entirely.\nIf the CFTC wins, prediction markets operate under a single federal framework nationwide. If states prevail, platforms face a licensing gauntlet across dozens of jurisdictions, and potentially more criminal prosecutions modeled on Arizona’s approach.\nA federal appeals court ruled Monday that state gaming regulators have no legal authority over contracts listed on a CFTC-licensed exchange, handing Kalshi its biggest court victory yet.\nDraftKings reports earnings April 30, and the Arizona case will likely come up on the call. \nRobinhood Markets (NASDAQ:HOOD), which pipes Kalshi contracts directly into its brokerage app, faces the inverse risk: a state victory chips away at one of its fastest-growing product lines.\nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"policyRegulatory","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.40.0","shortVersion":"4.40.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2626813433","isCrawlerRequest":true}