Ripple Lawsuit-Linked Judge Torres Hands Kalshi a Big Loss in NY Prediction Markets Case
The post Ripple Lawsuit-Linked Judge Torres Hands Kalshi a Big Loss in NY Prediction Markets Case appeared on BitcoinEthereumNews.com. Federal Judge Analisa Torres, known for SEC v Ripple lawsuit, has ruled against prediction market platform Kalshi in a gambling case in New York. This marks a big loss for the prediction market firm, allowing New York state to continue enforcing its gambling laws against the company’s sports-event contracts. Ripple Lawsuit Judge Torres Denies Kalshi’s Preliminary Injunction Against NY SDNY Judge Analisa Torres, who presided over the high-profile SEC v. Ripple lawsuit involving XRP, has rejected Kalshi’s request for a preliminary injunction. Judge Torres found that New York state gambling laws apply to Kalshi’s sports-related event contracts and are not preempted by the Commodity Exchange Act (CEA). The decision clears the way for the lawsuit to proceed. In KalshiEX LLC v. Williams, Kalshi argued that its sports-related event contracts qualify as CFTC-re