Judge Analisa Torres rejects Kalshi's preliminary injunction application, and the case enters the motion to dismiss stage

According to encryption journalist Eleanor Terrett's tweet, Judge Analisa Torres has rejected the preliminary injunction application of prediction market platform Kalshi in the Southern District Court of New York (SDNY), citing that the New York state gambling law applies to Kalshi's sports event contracts and that the law has not been replaced by the Commodity Exchange Act, and the case has entered the motion rejection stage.