Gate News message: On April 9, the U.S. Commodity Futures Trading Commission (CFTC) and the Department of Justice jointly filed a request with the federal court on Tuesday evening, seeking to block Arizona from enforcing its state gambling laws against prediction market operator Kalshi. The two agencies argue that Kalshi’s contracts tied to real-world events such as sports events and elections are, in essence, financial derivatives (swap agreements), and therefore should be governed by the Commodity Exchange Act and the federal regulatory framework rather than state gambling statutes. Arizona previously brought criminal charges against Kalshi, with a hearing date set for April 13. Currently, courts around the country are split on the issue: the federal appeals court in New Jersey has leaned toward supporting the federal regulatory position, but other district courts have been more open to the state’s arguments.
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