It appears that Arizona Attorney General Chris Mayes’ case against prediction market Kalshi has stalled.
Commodity Futures Trading Commission announced on friday It has won a temporary restraining order preventing the state from pursuing its criminal case against Kalshi (whose CEO Tarek Mansour is pictured above).
CFTC Chairman Michael S. “Arizona’s decision to weaponize state criminal law against companies that comply with federal law sets a dangerous precedent, and today’s court order sends a clear message that intimidation is not an acceptable tactic to circumvent federal law,” Selig said in a statement.
While the CFTC normally has five commissioners, Selig is currently the only one on the commission. Confirmed in December and the departure of previous acting chairwoman Caroline Pham (who left to join crypto company Moonpay).
Arizona has Charges filed against Kalshi The company was accused of operating an illegal gambling business in the state without a license. The announcement of the restraining order comes just days after a federal judge allowed the Arizona case to proceed, according to bloomberg.
The CFTC also filed suit to prevent similar cases from moving forward in Connecticut and Illinois.
