Kalshi sues Illinois and the state governor to oppose the Prediction Market Regulation Bill

Odaily reported that Kalshi filed a lawsuit this week in the United States 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 signed budget bill SB3019 requires prediction market platforms to obtain state-level licenses and will take effect on July 1, which conflicts with the federal exclusive jurisdiction clause of the Commodity Exchange Act and places the platform at risk of violating either federal or state law. Kalshi claims that if it ceases to offer sports event contracts in Illinois to comply with the bill, it would violate the Commodity Futures Trading Commission’s uniformity requirements and harm its commercial interests. Kalshi has requested the court to grant a temporary restraining order, preliminary injunction, and permanent injunction to prevent Illinois from enforcing the law. (The Block)