A New York judge has denied the CFTC's emergency motion to stop the state's enforcement action against Kalshi. The ruling allows New York's case to proceed while the CFTC can renew its request.
Judge Jed S. Rakoff denied the Commodity Futures Trading Commission's (CFTC) request for a temporary restraining order against New York's enforcement case against Kalshi. The CFTC failed to demonstrate a high likelihood of success or irreparable harm. New York Attorney General Letitia James has accused Kalshi of operating an illegal gambling business, and the New York State Gaming Commission issued a cease-and-desist order to Kalshi in October 2025.