Kalshi Claims Federal Oversight Exempts It from State Laws

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In its federal court filing, Kalshi said New York’s actions “intrude upon the federal regulatory framework” governing derivatives.
The platform insists it falls under the CFTC’s exclusive jurisdiction, calling the state’s cease-and-desist “field- and conflict-preempted.”
Kalshi warned that a shutdown could cause “immediate and irreparable harm” to its operations.