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  • Hacker News
  • > said Chairman Michael S. Selig. “Congress did not intend for derivatives exchanges to be regulated under a patchwork of state gaming laws.

    Ah yes, "derivatives" which are "not intended to fall under gaming laws" such as... *checks Kalshi website* 58 million dollars riding on which team is the 2027 NFL champion.

    Oh yeah, totally a financial derivative there, not related to gambling at all. *sigh*

    by Terr_
  • Americans’ continued ability to gamble, err…, trade multi-leg parlays is a matter of national security!
    by impish9208
  • With “Chevron Deference” struck down, I assume this means the courts will get to decide if it is in fact gambling or not?
    by stock_toaster
  • I'm with the state of NY on the merits here. They're basically BetFair, and they should be subject to regulation like it.
    by rgmerk
  • Friends in high places are worth their weight in gold. Anyone want to bet on how much they weigh?
    by mavbo
  • So the CFTC frames Kalshi as a financial derivatives exchange for the financial instrument category of event contracts, dismissing NYs characterization of it as a gambling/betting platform. Interesting.
    by pamcake
  • Am I reading this right? The state of New York wants Kalshi to stop offering prediction gambling, excuse me, "event contracts" in New York, and the federal Commodity Futures Trading Commission just ordered Kalshi to keep operating in New York regardless?
    by decimalenough
  • EDIT: see DannyBee's comment below ( https://news.ycombinator.com/item?id=49266746 ). It does look like the CFTC has extrapolated the "nationwide" out of either some novel interpretation of the filing or just entirely fabricated it as their justification for their action.

    I've got no love for Kalshi, but "orders Kalshi to continue operate in New York" doesn't seem to be present anywhere in the actual release.

    The article presents the sequence of events as:

    1. The State of NY files a lawsuit against Kalshi under the theory that it can be regulated by state gambling laws.

    2. The State of NY files for a temporary restraining order requiring Kalshi to halt trading nationally, not just in NY.

    3. Kalshi reaches out to the CFTC to claim that NY doesn't have the authority to regulate interstate commerce.

    4. The CFTC agrees and uses their authority to override the TRO.

    That seems pretty aligned with how interstate commerce is regulated and managed in the US.

    by akerl_

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