According to CoinMeta, the Commodity Futures Trading Commission (CFTC) has exercised unprecedented emergency powers to allow the prediction market Kalshi to continue operating in response to a lawsuit filed by the Attorney General of New York State Letitia James. CFTC has filed lawsuits in nine states and submitted amicus curiae briefs to the U.S. Sixth and Ninth Circuit Courts of Appeals as well as the Supreme Court of Massachusetts, claiming exclusive jurisdiction over the event contracts under the Commodity Exchange Act. State attorneys generals oppose this, arguing that sports-related event contracts circumvent local gambling regulations and consumer protection laws. Nevada has imposed a strict ban on Kalshi for providing unauthorized event contracts, considering its sports and election contracts to constitute illegal unauthorized gambling. CFTC claims that the prediction platform provides “swap” contracts that are subject to federal regulation as national derivatives exchanges. The case is still pending in federal courts, and there is no clear national final outcome yet.