Odaily Planet Daily reports that Kalshi filed a lawsuit this week in the U.S. 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 a state license and takes effect on July 1, conflicting with the federal exclusive jurisdiction clause of the Commodity Exchange Act, placing Kalshi in a position of violating either federal or state law. Kalshi argued that ceasing the offering of sports event contracts in Illinois in compliance with the bill would violate the Commodity Futures Trading Commission’s uniformity requirements and harm its business interests. Kalshi has requested the court to issue a temporary restraining order, preliminary injunction, and permanent injunction to prevent Illinois from enforcing the law. (The Block)