Wu Says learned, according to a report by Forbes contributor Daniel Wallach, that U.S. District Judge Analisa Torres for the Southern District of New York denied prediction market platform Kalshi’s request for a preliminary injunction against New York state gaming law. The judge held that New York’s gaming regulations are not subject to the federal preemption principle under the Commodity Exchange Act (CEA), and that Kalshi failed to demonstrate that it was likely to succeed on the merits of its legal claims. The ruling stated that, for Kalshi’s sports event contracts, New York has the authority to exercise its police powers to regulate them, and that the structure and legislative background of the CEA indicate that Congress did not intend to displace all state laws related to designated contract markets (DCMs). Previously, courts in Maryland and Ohio had also issued similar rulings unfavorable to Kalshi.