Kalshi preemptively sues Iowa over potential sports betting regulation

Prediction market platform Kalshi has filed a preemptive lawsuit against regulators in the U.S. state of Iowa to counter potential sports betting regulations, Cointelegraph reported. According to the complaint filed in an Iowa federal court, Kalshi stated there is a high probability that the Iowa Racing and Gaming Commission will take enforcement action to block its event contracts. The company argued that its products are federally regulated commodities under the jurisdiction of the Commodity Futures Trading Commission (CFTC) and are therefore not subject to state law.