"A bipartisan coalition of 38 attorneys general has filed an amicus brief supporting Massachusetts' lawsuit against Kalshi, arguing the platform is violating state gambling laws by offering sports betting without a license."
"New York Attorney General Letitia James stated that prediction markets cannot ignore states' gambling laws that are designed to protect consumers, emphasizing the importance of state authority in gambling regulation."
"Kalshi argues its offerings are financial instruments known as swaps, which fall under the Commodity Futures Trading Commission's authority, but the attorneys general reject this claim."
"The attorneys general assert that the Dodd-Frank Wall Street Reform and Consumer Protection Act was intended to regulate financial instruments tied to the 2008 recession, not to permit sports gambling nationwide."
A coalition of 38 attorneys general has filed an amicus brief in support of Massachusetts' lawsuit against Kalshi, claiming it violates state gambling laws by offering unlicensed sports betting. The lawsuit, initiated in September 2025, argues that Kalshi's event contracts allow betting on outcomes without state compliance. Kalshi contends its offerings are financial instruments under CFTC authority. The attorneys general counter that the Dodd-Frank Act was not intended to permit nationwide sports gambling, emphasizing the need for state regulatory enforcement.
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