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CFTC Sues New York Over Prediction Markets as 38 AGs Back Massachusetts in Kalshi Fight
The CFTC sued New York on Friday to block state enforcement against CFTC-registered exchanges, while 38 attorneys general backed Massachusetts in a parallel Kalshi case. The Massachusetts brief asks the state’s top court to uphold a January ruling that Kalshi needs a gaming license to offer sports event contracts there. The brief said Kalshi users wagered more than $1 billion a month in 2025, and courts have already split on the preemption question across several states.