Judge Torres Denies Kalshi’s Injunction Bid in New York Sports Contracts Case

A federal judge has denied prediction market platform Kalshi’s request for a preliminary injunction in a case in the U.S. District Court for the Southern District of New York, finding that New York State gambling law applies to Kalshi’s sports event contracts and is not preempted by the Commodity Exchange Act. According to Foresight News, crypto journalist Eleanor Terrett reported on social media that Judge Analisa Torres, who oversaw the Ripple case, is again at the center of a major legal dispute. The ruling moves the case into the motion-to-dismiss stage. Legal commentators said the decision is a significant setback for Kalshi’s litigation in the United States’ financial center and could have ripple effects on other related cases, particularly litigation in Connecticut and other Southern District of New York matters.