Svmuu News: Kalshi filed a lawsuit this week in the U.S. District Court for the Northern District of Illinois against Illinois Attorney General Kwame Raoul, Governor JB Pritzker, and other state officials.
Kalshi stated that the state’s budget bill, SB 3019, which requires prediction market platforms to obtain state-level licenses and is set to take effect on July 1, conflicts with the federal exclusive jurisdiction provisions of the Commodity Exchange Act, placing the company in a position where it would be in violation of either federal or state law. Kalshi argued that ceasing to offer sports event contracts in Illinois to comply with the bill would violate the U.S. Commodity Futures Trading Commission’s uniformity requirements and harm its commercial interests. Kalshi has requested that the court grant a temporary restraining order, a preliminary injunction, and a permanent injunction to prevent Illinois from enforcing the law. (The Block)