卡爾西針對內華達州和新澤西遊戲監管機構提起訴訟

預測市場Kalshi針對內華達州遊戲控制委員會和新澤西州遊戲執法部門提起訴訟

output: A recent lawsuit filed by prediction market Kalshi against the Nevada Gaming Control Board and the New Jersey Division of Gaming Enforcement has brought to light a clash of regulatory authority in the emerging field of digital prediction markets. Both state regulators issued cease and desist orders to Kalshi, demanding the company halt all sports-related contracts within their respective jurisdictions.

輸出：預測市場卡爾西（Kalshi）對內華達州遊戲控制委員會和新澤西州遊戲執法部門提起的最新訴訟已揭示了數字預測市場新興領域的監管機構的衝突。國家監管機構的兩個州監管機構都向卡爾西發出了停止命令，要求該公司停止各自司法管轄區的所有與體育有關的合同。

Kalshi’s legal team countered that these contracts fall squarely under the purview of the Commodity Futures Trading Commission (CFTC) at the federal level and, consequently, are not subject to regulation by state-level authorities.

卡爾西的法律團隊反駁說，這些合同直接屬於聯邦一級的商品期貨貿易委員會（CFTC）的權限，因此不受州級當局的監管。

The lawsuit names the officials at the New Jersey Division of Gaming Enforcement who sent Kalshi the cease and desist order. Credit: Kalshi

該訴訟列舉了新澤西州遊戲執法部門的官員，他們派遣了卡爾西停止和停止命令。學分：卡爾西

The lawsuit, filed on February 8 in the U.S. District Court in Newark, New Jersey, is focused on two issues:

該訴訟於2月8日在新澤西州紐瓦克的美國地方法院提起，重點介紹了兩個問題：

The state regulators are overstepping their authority in trying to shut down Kalshi’s sports event contracts, which are covered by the Commodity Exchange Act and fall under the CFTC’s jurisdiction.

州監管機構在試圖關閉Kalshi的體育賽事合同方面超越了他們的權力，該合同被《商品交易法》涵蓋，並屬於CFTC的管轄範圍。

The cease and desist orders from both state regulators fail to recognize that Kalshi’s event contracts are two-sided markets which trade as swaps, as recognized by the Supreme Court case of Richmond, validly sued in 1990, and are not covered by the state gaming statutes. Instead, the orders appear to be focused on a sports-betting book model where the house controls the market, which is not applicable in this case.

兩個州監管機構的停止和停止命令都沒有認識到，卡爾西的活動合同是兩邊的市場，其交易是掉期交易的，正如最高法院在1990年有效起訴的里士滿案所認可的，並未受國家遊戲法規的涵蓋。取而代之的是，這些訂單似乎集中在體育書籍模型上，其中房屋控制市場，在這種情況下不適用。

Kalshi co-founder Tarek Mansour told Blockworks that the gaming enforcement officials in both states had been threatening for months to shut down Kalshi’s sports contracts, despite Kalshi repeatedly explaining that its contracts are clearly not covered by state law and are exclusively subject to federal regulation by the CFTC.

卡爾西聯合創始人塔雷克·曼蘇爾（Tarek Mansour）告訴Blockworks，儘管卡爾西（Kalshi）反复解釋說，儘管卡爾西（Kalshi）反复解釋說，但兩國的遊戲執法人員一直在威脅要關閉卡爾西（Kalshi）的體育合同，但其合同顯然不受州法律的涵蓋，並且受到CFTC的聯邦法規的限制。

Additionally, the Nevada Gaming Control Board sent Kalshi a cease and desist order for its election contracts, which a United States judge ruled in September 2024 allow the contracts to trade freely in the U.S.

此外，內華達州遊戲控制委員會向卡爾西（Kalshi）簽署了其選舉合同的停止命令，美國法官於2024年9月裁定合同可以在美國自由交易

Lawsuit against Nevada Gaming Control Board. Source: Kalshi

針對內華達州遊戲控制委員會的訴訟。資料來源：卡爾西

The lawsuit comes after the Massachusetts Gaming Commission (MGC) subpoenaed Robinhood Financial in December 2023 to provide information on its role in facilitating the trading of prediction market contracts on Kalshi’s platform.

馬薩諸塞州遊戲委員會（MGC）在2023年12月向Robinhood Financial進行了有關其在促進Kalshi平台上預測市場合同方面的作用的信息之後，該訴訟提起訴訟。

The MGC is investigating whether Robinhood’s actions could be deemed illegal in Massachusetts, despite federal law permitting Kalshi to offer and maintain its prediction market.

MGC正在調查儘管聯邦法律允許Kalshi提供和維持其預測市場，但在馬薩諸塞州是否可以認為Robinhood的行動在馬薩諸塞州是否可以被視為非法。

The complaint states that the gaming enforcement officials in New Jersey began investigating Kalshi’s activities in March 2023 after receiving a complaint from an anonymous party.

投訴指出，新澤西州的遊戲執法人員在收到匿名黨的投訴後於2023年3月開始調查卡爾西的活動。

The investigators from the New Jersey Division of Gaming Enforcement interviewed Kalshi CEO David Benhaim and co-founder Tarek Mansour in April 2023 and informed them that they would be issuing a cease and desist order to halt Kalshi’s sports-related contracts in the state.

新澤西州遊戲執法部門的調查人員於2023年4月採訪了卡爾西（Kalshi）首席執行官戴維·本奈姆（David Benhaim）和聯合創始人塔雷克·曼蘇爾（Tarek Mansour），並告知他們他們將發出停止命令，以阻止卡爾西（Kalshi）在該州與體育有關的合同。

On April 27, 2023, the gaming enforcement officials sent the cease and desist order to Kalshi, which also demanded the company pay any relevant administrative penalties.

2023年4月27日，遊戲執法人員將停止和停止命令發送給Kalshi，這也要求公司支付任何相關的行政罰款。

In response, Kalshi filed a lawsuit against the gaming enforcement officials on February 8, seeking an injunction to prevent the state regulators from taking any further action to shut down the company’s sports-related contracts in the state.

作為回應，卡爾西於2月8日對遊戲執法人員提起訴訟，尋求禁令，以防止州監管機構採取任何進一步行動，以關閉該州與體育有關的合同。

The lawsuit is focused on two issues:

該訴訟的重點是兩個問題：

The state regulators are overstepping their authority in trying to shut down Kalshi’s sports event contracts, which are covered by the Commodity Exchange Act and fall under the CFTC’s jurisdiction.

州監管機構在試圖關閉Kalshi的體育賽事合同方面超越了他們的權力，該合同被《商品交易法》涵蓋，並屬於CFTC的管轄範圍。

The cease and desist orders from both state regulators fail to recognize that Kalshi’s event contracts are two-sided markets which trade as swaps, as recognized by the Supreme Court case of Richmond, validly sued in 1990, and are not covered by the state gaming statutes. Instead, the orders appear to be focused on a sports-betting book model where the house controls the market, which is not applicable in this case.

兩個州監管機構的停止和停止命令都沒有認識到，卡爾西的活動合同是兩邊的市場，其交易是掉期交易的，正如最高法院在1990年有效起訴的里士滿案所認可的，並未受國家遊戲法規的涵蓋。取而代之的是，這些訂單似乎集中在體育書籍模型上，其中房屋控制市場，在這種情況下不適用。

Kalshi co-founder Tarek Mansour told Blockworks that the gaming enforcement officials in both states had been threatening for months to shut down Kalshi’s sports contracts, despite Kalshi repeatedly explaining that its contracts are clearly not covered by state law and are exclusively subject to federal regulation by the CFTC.

卡爾西聯合創始人塔雷克·曼蘇爾（Tarek Mansour）告訴Blockworks，儘管卡爾西（Kalshi）反复解釋說，儘管卡爾西（Kalshi）反复解釋說，但兩國的遊戲執法人員一直在威脅要關閉卡爾西（Kalshi）的體育合同，但其合同顯然不受州法律的涵蓋，並且受到CFTC的聯邦法規的限制。

Additionally, the Nevada Gaming Control Board sent Kalshi a cease and desist order for its election contracts, which a United States judge ruled in September 2024 allow the contracts to trade freely in the U.S.

此外，內華達州遊戲控制委員會向卡爾西（Kalshi）簽署了其選舉合同的停止命令，美國法官於2024年9月裁定合同可以在美國自由交易

Lawsuit against Nevada Gaming Control Board. Source: Kalshi

針對內華達州遊戲控制委員會的訴訟。資料來源：卡爾西

The lawsuit comes after the Massachusetts Gaming Commission (MGC) subpoenaed Robinhood Financial in December 2023 to provide information on its role in facilitating the trading of prediction market contracts on Kalshi’s platform.

馬薩諸塞州遊戲委員會（MGC）在2023年12月向Robinhood Financial進行了有關其在促進Kalshi平台上預測市場合同方面的作用的信息之後，該訴訟提起訴訟。

The MGC is

MGC是