CFTC declares market emergency, orders Kalshi to continue to operate in New York

Friends in high places are worth their weight in gold. Anyone want to bet on how much they weigh?

Firefox says "Error Code: SEC_ERROR_UNKNOWN_ISSUER" for that CFTC link (untrusted certificate issued by Avast in Prague) and won't open the site

EDIT: see DannyBee's comment below ( https://news.ycombinator.com/item?id=49266746 ). It does look like the CFTC has extrapolated the "nationwide" out of either some novel interpretation of the filing or just entirely fabricated it as their justification for their action.

I've got no love for Kalshi, but "orders Kalshi to continue operate in New York" doesn't seem to be present anywhere in the actual release.

The article presents the sequence of events as:

1. The State of NY files a lawsuit against Kalshi under the theory that it can be regulated by state gambling laws.

2. The State of NY files for a temporary restraining order requiring Kalshi to halt trading nationally, not just in NY.

3. Kalshi reaches out to the CFTC to claim that NY doesn't have the authority to regulate interstate commerce.

4. The CFTC agrees and uses their authority to override the TRO.

That seems pretty aligned with how interstate commerce is regulated and managed in the US.

Wait, so all that Republican talk of support for state's rights was really just all about the racism this whole time? Shocker.

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