Jinse Finance reported that the prediction market platform Kalshi filed a federal lawsuit against the New York State Gaming Commission on October 28, 2025, challenging the state's decision to ban its sports-related contracts. Kalshi, as a CFTC-registered Designated Contract Market (DCM), claims that under the Commodity Exchange Act, the CFTC has "exclusive jurisdiction" over derivatives on federally regulated exchanges, and that New York State's intervention violates federal law. Earlier this year, the company self-certified sports event contracts with the CFTC, allowing users to financially bet on the outcomes of matches. Kalshi is seeking emergency relief to prevent New York State from enforcing its cease and desist order, stating that failure to do so would cause irreparable harm to the platform and its users.