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Kalshi sues Illinois and the state's governor over new prediction market regulation bill.

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ME News, June 24 (UTC+8): Kalshi files a lawsuit against the state of Illinois and Governor JB Pritzker, opposing the prediction market regulatory regime under the state’s new law. Kalshi submitted a complaint this week to the U.S. District Court for the Northern District of Illinois, stating that the law will take effect on July 1 and will cause “irreversible damage.” Previously, Pritzker signed SB3019, which includes a 0.2% fee on digital asset trading or services provided to Illinois customers, and requires prediction market platforms to obtain a state license. In its complaint, Kalshi argues that these requirements violate federal law because its event contracts are federally regulated. Kalshi stated in the complaint that if it complies with the new state law by stopping the offering of sports event contracts in Illinois, it would violate the CFTC’s uniformity requirements, harm its business interests, and require the implementation of complex and costly technical solutions to limit access in Illinois—costs that would be unrecoverable if Kalshi ultimately prevails. (Source: Foresight News)
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