CFTC sues New Mexico officials for oversight of sports prediction market

The US CFTC has sued officials such as Governor Michelle Lujan Grisham and Attorney General Ra ú l Torrez in the Federal District Court of New Mexico, aiming to prevent the state from applying gambling regulations to predictive market platforms such as Kalshi. New Mexico accuses Kalshi of providing sports betting to residents of the state without permission, while the CFTC argues that Kalshi provided a federally regulated derivative contract. The CFTC has sued states such as Wisconsin, Illinois, Arizona, Connecticut, and New York, and proposed predictive market rules.