Arizona Attorney General Kris Mayes’ case against prediction market Kalshi appears to have hit a snag.
The Commodity Futures Trading Commission announced Friday that it has won a temporary restraining order preventing the state from pursuing its criminal case against Kalshi (whose CEO Tarek Mansour is pictured above).
“Arizona’s decision to weaponize state criminal law against companies that comply with federal law sets a dangerous precedent, and the court’s order today sends a clear message that intimidation is not an acceptable tactic to circumvent federal law,” said CFTC Chairman Michael S. Selig in a statement.
While the CFTC normally has five commissioners, Selig is currently the only one on the commission, following his confirmation in December and the departure of previous acting chairman Caroline Pham (who left to join crypto company MoonPay).
Arizona has filed charges against Kalshi accusing the company of operating an illegal gambling business in the state without a license. The announcement of the restraining order comes just a couple days after a federal judge allowed Arizona’s case to move forward, according to Bloomberg.
The CFTC also filed suits seeking to stop similar cases from moving forward in Connecticut and Illinois.
💸 Earn Instantly With This Task
No fees, no waiting — your earnings could be 1 click away.
Start Earning