Kalshi appealed to the Second Circuit after a New York federal judge denied its request to block state gambling officials from enforcing local laws against its sports event contracts.
The post Judge denies Kalshi bid to block New York gambling laws appeared on BitcoinEthereumNews.com.
A federal judge in Manhattan refused to shield Kalshi from New York’s gambling laws on Tuesday, deepening a split among US courts over who regulates prediction markets and pushing the fight closer to the Supreme Court. The decision matters because federal appeals courts now disagree on the central legal question, and that kind of divergence is what tends to draw the justices in. Kalshi has already asked the Second Circuit to review the ruling. It was expected that the dispute could ultimately reach the Supreme Court, and each conflicting ruling makes that outcome harder to avoid. What the judge decided US District Judge Analisa Torres, who also presided over the SEC’s case against Ripple, denied Kalshi’s request for a preliminary injunction against the New York State Gaming Commission. The order landed in KalshiEX LLC v. Williams, filed July 7 in the Southern District of New York. At i
The post Kalshi Appeals Court Loss in Sports Prediction Market Fight appeared on BitcoinEthereumNews.com.
Kalshi is appealing a New York federal judge’s rejection of its bid to block state gambling officials from enforcing local laws against the prediction market platform’s sports-related event contracts. In a notice filed on Tuesday in the US District Court for the Southern District of New York (SDNY), Kalshi said it would take the case to the US Court of Appeals for the Second Circuit. The appeal followed a same-day opinion and order denying the platform operator’s motion for a preliminary injunction against officials at the New York State Gaming Commission. The appeal escalates a growing legal fight over whether sports prediction markets are federally regulated derivatives or state-regulated gambling products. This question has already split courts across the United States. Judge Analisa Torres earlier Tuesday rejected that argument at the preliminary injunction stage, finding tha
The post ‘Major loss’: New York Court rejects Kalshi’s injunction request appeared on BitcoinEthereumNews.com.
Prediction market platform Kalshi has suffered a legal loss in New York. According to a court filing on the 7th of July, the firm was denied a preliminary injunction by Judge Analisa Torres of the Southern District of New York. Judge Torres maintained that gambling falls under the purview of local state oversight. The scope of laws regulating gambling and lotteries is clearly a matter of predominantly state concern. Additionally, Judge Torres clarified that federal law, the Commodity Exchange Act, does not preempt state gambling laws. Courts apply a presumption against preemption with respect to areas where states have historically exercised their police powers. Source: Court Listener She explained that such a presumption arises only when Congress legislates in a field traditionally governed by the states. In other words, federal authority applies only where Congress has
The post Satoshi Bitcoin lawsuit drops 44 wallets after on-chain activity appeared on BitcoinEthereumNews.com.
A New York lawsuit seeking legal ownership of dormant Bitcoin wallets has narrowed after several listed addresses moved funds. Summary Noah Doe’s legal team dropped 44 wallets after on-chain activity challenged the abandonment claim. The removed wallets held 21,443 BTC when the lawsuit started, according to Galaxy’s Thorn. Related filings and amicus briefs argue dormant self-custody does not prove Bitcoin was abandoned. Galaxy Research head Alex Thorn said the plaintiffs in the “abandoned bitcoin” lawsuit dropped 44 of 39,069 listed defendants. The case was filed by “Noah Doe” and two Wyoming entities seeking title to long-dormant Bitcoin wallets. Thorn said every removed wallet had moved coins on-chain since the case was filed. “Every single one had moved coins onchain since the case was filed,” he wrote in a July 8 thread on X. Meanwhile, the lawsuit asks the New York Supre
The post Spotify Fraud Exposes Prediction Market Weak Spot appeared on BitcoinEthereumNews.com.
The song hit No.1 on Spotify’s U.S. daily chart overnight. Then the floor dropped out. Spotify said it had yanked more than 500,000 artificial plays from Malcolm Todd’s “Earrings,” reshuffling the leaderboard after the fact and sending a chill through anyone betting on chart outcomes WIRED. Kalshi had already staked millions on which track would finish June on top. The market settled before Spotify finalized its purge. Payouts went one way. The data moved the other The Block (Bloomberg). One trader, Caleb Davies, flagged the jump as statistically absurd: a 70 percent weekend surge and an 11.24 sigma move — the kind of thing that basically never happens by chance — and that’s what kicked off the fraud review WIRED. The Big Picture: Mutable Data Meets Real Money Prediction markets love clean, public metrics. Sports scores. Election results. Economic prints. But chart rankings and streaming cou
The post Judge Who Ruled on Ripple XRP Just Dealt a Major Blow to Prediction Markets appeared on BitcoinEthereumNews.com.
The post Judge Who Ruled on Ripple XRP Just Dealt a Major Blow to Prediction Markets appeared first on Coinpedia Fintech News Judge Analisa Torres, known for presiding over the landmark Ripple case, has ruled against prediction market platform Kalshi. This was a significant legal setback for the company. Torres denied Kalshi’s request for a preliminary injunction. She found that New York’s gambling laws as applied to Kalshi’s sports event contracts are not preempted by the Commodity … Source: https://coinpedia.org/news/judge-who-ruled-on-ripple-xrp-just-dealt-a-major-blow-to-prediction-markets/
Gov. Kathy Hochul will direct state agencies to eliminate or modernize antiquated requirements, and examine if task forces or councils have outlived their purpose.
