DECRYPT · 2026-11-05 10:29 UTC

Arkansas Sues Kalshi, Joining a Growing List of States Targeting Prediction Markets

Arkansas Attorney General Tim Griffin sued Kalshi, alleging it operates an illegal, unregulated gambling platform in violation of state law, seeking restitution, penalties, taxes and an injunction. Kalshi, regulated by the CFTC, argues its event contracts fall under exclusive federal jurisdiction; the company is facing lawsuits from over a dozen states including Utah (felony charges), New York ($36 billion suit), Michigan, Kentucky, and others. Federal courts are split on jurisdiction, with the Third Circuit ruling New Jersey cannot regulate Kalshi's sports contracts while the Sixth and…

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