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Federal Judge Blocks Tennessee’s Crackdown on Prediction Platform Kalshi
Federal Judge Blocks Tennessee’s Crackdown on Prediction Platform Kalshi
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BTCCSquare news:
A federal judge in Tennessee has temporarily halted state regulators from enforcing a cease-and-desist order against Kalshi, a prediction markets platform. The ruling grants Kalshi's request for a preliminary injunction while the case proceeds, challenging the Tennessee Sports Wagering Council's claim that its contracts constitute illegal gambling.
The state's attempt to classify Kalshi's products as unlicensed sports wagering faced immediate pushback. Regulators had demanded the voiding of contracts and refunds to Tennessee users by January 31, under threat of $25,000 penalties per violation. Kalshi maintains its operations fall under federal commodities regulation, placing them beyond state jurisdiction.
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