United States magistrate denied Kalshi's preliminary injunction against the New York State Lottery Act

On 8 July, according to the author of Forbes, Daniel Wallach, United States District Court for the Southern District, Analisa Torres, rejected a preliminary injunction request filed by Kalshi, a forecast market platform, against the New York State Lottery Act. The judge held that the New York State lottery legislation was not subject to the federal priority principle of the Commodity Transactions Act (CEA) and that Kalshi had failed to demonstrate that it had the potential to win a legal claim. The judgement stated that the State of New York had the power to exercise police powers to regulate the sports contract with Kalshi and that the CEA structure and legislative background showed that Congress had no intention of replacing all state laws relating to the designated contract market (DCM). Previously, the courts of Maryland and Ohio had made similar decisions against Kalshi。