Kalshi sues Nevada and New Jersey gaming regulators

Prediction market Kalshi filed a lawsuit against the Nevada Gaming Control Board and the New Jersey Division of Gaming Enforcement after both state regulators sent cease and desist orders for the firm to pause all sports-related contracts in the states.

Kalshi’s legal team argued that the contracts fall under the jurisdiction of the Commodities Futures Trading Commission (CFTC) and, therefore, cannot be regulated by state-level authorities.

The team also contends that the cease and desist…