US tries to override New York gambling laws, orders Kalshi to keep operating
US tries to override New York gambling laws, orders Kalshi to keep operating
美国试图推翻纽约州博彩法，下令 Kalshi 继续运营
The Trump administration is trying to stop New York from enforcing its gambling laws against Kalshi, and yesterday said it ordered the prediction market to continue operating in the state. The Commodity Futures Trading Commission (CFTC) announced that it exercised its emergency authority in response to a “market emergency.” The CFTC said it acted “to ensure market stability” and “ordered the exchange to continue to operate in accordance with the Commodity Exchange Act’s Core Principles.” The Trump administration took the action after a request from Kalshi.
特朗普政府正试图阻止纽约州针对 Kalshi 执行其博彩法，并于昨日表示已下令该预测市场继续在该州运营。美国商品期货交易委员会（CFTC）宣布，为应对“市场紧急情况”，该机构行使了其紧急权力。CFTC 表示，此举是为了“确保市场稳定”，并“下令该交易所继续按照《商品交易法》的核心原则运营”。特朗普政府是在收到 Kalshi 的请求后采取这一行动的。
The market emergency alleged by the CFTC is that New York Attorney General Letitia James sued Kalshi on July 31. James’ lawsuit seeks a court order to permanently enjoin Kalshi “from operating an unlawful gambling business” in the state. The lawsuit also demands that Kalshi “make full restitution to customers who have engaged in betting” and pay financial penalties.
CFTC 所称的市场紧急情况是指纽约州总检察长莱蒂西亚·詹姆斯（Letitia James）于 7 月 31 日起诉了 Kalshi。詹姆斯的诉讼旨在寻求法院下令，永久禁止 Kalshi 在该州“经营非法博彩业务”。诉讼还要求 Kalshi “向参与投注的客户全额退款”并支付经济罚款。
“New York intends to make event contract derivatives waste away under its iron curtain of state gaming laws before the courts get the chance to issue final rulings,” CFTC Chairman Michael Selig said yesterday. “Congress did not intend for derivatives exchanges to be regulated under a patchwork of state gaming laws… New York has no business regulating these interstate financial markets. The commission is required by law to ensure order in these markets, and that is what we have done today.”
“纽约州意图在法院有机会做出最终裁决之前，就利用其州博彩法的铁幕让事件合约衍生品消亡，”CFTC 主席迈克尔·塞利格（Michael Selig）昨日表示。“国会无意让衍生品交易所受到各州拼凑的博彩法监管……纽约州无权监管这些跨州金融市场。委员会依法有义务确保这些市场的秩序，而这正是我们今天所做的。”
New York accused Kalshi of running “an illegal, unlicensed gambling operation,” with Governor Kathy Hochul saying that “Kalshi has chosen to ignore New York’s gaming laws.” The lawsuit was filed in a New York state court. “The lawsuit alleges that Kalshi’s prediction markets meet the legal definition of gambling because the outcomes of the events on which its users are betting are uncertain and outside the control of the bettor or hinge on a game of chance,” said a press release issued by Hochul and James.
纽约州指责 Kalshi 经营着“一家非法、无牌照的博彩业务”，州长凯西·霍楚尔（Kathy Hochul）表示，“Kalshi 选择无视纽约州的博彩法。”该诉讼已在纽约州法院提起。霍楚尔和詹姆斯发布的新闻稿称：“诉讼指控 Kalshi 的预测市场符合博彩的法律定义，因为其用户投注的事件结果具有不确定性，且超出了投注者的控制范围，或者取决于机会游戏。”
“Despite this, Kalshi has failed to obtain a license from the New York State Gaming Commission, sidestepping its obligation to pay taxes like licensed casinos and mobile sports gambling platforms do. This tax revenue from gambling regulation funds public schools, sports programs for underserved youth, and problem gambling education and treatment.” James said that “no matter what they call themselves, prediction markets like Kalshi are gambling platforms, plain and simple. By ignoring our laws, Kalshi is running an illegal operation and harming New Yorkers in the process.”
“尽管如此，Kalshi 未能从纽约州博彩委员会获得许可，规避了其像持牌赌场和移动体育博彩平台那样纳税的义务。来自博彩监管的税收资助了公立学校、服务欠缺青少年的体育项目以及问题博彩的教育和治疗。”詹姆斯表示：“无论他们如何自称，像 Kalshi 这样的预测市场本质上就是博彩平台。通过无视我们的法律，Kalshi 正在进行非法经营，并在此过程中伤害了纽约人。”
Trump admin claims exclusive authority
特朗普政府声称拥有专属管辖权
The CFTC says it alone has the power to regulate platforms such as Kalshi and Polymarket under the Commodity Exchange Act, a US law that gives the CFTC exclusive jurisdiction over designated contract markets (DCMs). “These are financial exchanges that offer financial instruments and operate across state lines,” Selig said yesterday. “They match the bid from a resident of one state with the offer of a resident from another state and submit the trade to a clearinghouse that backstops the transactions of customers throughout the country.”
CFTC 表示，根据《商品交易法》，该机构拥有监管 Kalshi 和 Polymarket 等平台的唯一权力。这是一项赋予 CFTC 对指定合约市场（DCM）拥有专属管辖权的美国法律。“这些是提供金融工具并跨州运营的金融交易所，”塞利格昨日表示。“它们将一个州居民的买入报价与另一个州居民的卖出报价进行匹配，并将交易提交给为全国客户交易提供担保的结算所。”
We contacted the New York governor’s and attorney general’s offices today and will update this article if they provide any comment on the CFTC action. Kalshi previously asked a court to prevent New York from enforcing its gambling laws. A federal judge rejected Kalshi’s request on July 7, saying that “Congress did not intend to preempt all state actions that may relate to DCMs. Instead, the CEA leaves room for states to regulate tangential issues that may arise from trading swaps and other financial products on DCMs.”
我们今天联系了纽约州州长和总检察长办公室，如果他们对 CFTC 的行动发表评论，我们将更新本文。Kalshi 此前曾请求法院阻止纽约州执行其博彩法。一名联邦法官于 7 月 7 日驳回了 Kalshi 的请求，称“国会无意预先禁止所有可能与 DCM 相关的州行动。相反，《商品交易法》（CEA）为各州留出了空间，以监管在 DCM 上交易掉期和其他金融产品时可能产生的附带问题。”
Kalshi appealed that ruling to the US Court of Appeals for the 2nd Circuit. Kalshi is also trying to get James’ lawsuit moved from a state court to a federal one. New York is trying to keep its lawsuit in state court, saying that “New York has a strong interest in enforcing its police powers to regulate gambling” and that removing the lawsuit would disrupt the federal-state balance conceived by Congress.
Kalshi 已就该裁决向美国第二巡回上诉法院提起上诉。Kalshi 还试图将詹姆斯的诉讼从州法院移交至联邦法院。纽约州则试图将诉讼留在州法院，称“纽约州在行使监管博彩的警察权力方面拥有重大利益”，且移交诉讼将破坏国会构想的联邦与州之间的平衡。
“Kalshi’s claimed federal interest is simply an overreach that would disrupt the federal-state balance,” New York said. “Kalshi seeks to shield itself from state regulation of gambling through an overbroad reading of federal law contrary to the intent of Congress.”
“Kalshi 所声称的联邦利益纯属越权，这将破坏联邦与州之间的平衡，”纽约州表示。“Kalshi 试图通过对联邦法律的过度解读来逃避州的博彩监管，这违背了国会的意图。”
The New York fight is one of numerous legal battles in which the Trump administration and prediction markets are trying to block state regulation. Minnesota, the first US state to pass a law prohibiting prediction markets entirely, was prevented from enforcing the law by a federal court ruling last month. The judge in the case said Minnesota’s total ban went too far but that US law may allow states to ban prediction-market wagers that don’t meet the legal definition of swaps.
纽约州的这场争端是特朗普政府与预测市场试图阻止州级监管的众多法律战之一。明尼苏达州是美国第一个通过法律全面禁止预测市场的州，但上个月的一项联邦法院裁决阻止了该州执行该法律。该案法官表示，明尼苏达州的全面禁令过于激进，但美国法律可能允许各州禁止那些不符合掉期法律定义的预测市场投注。