Kalshi sues Illinois officials over new prediction market law

Prediction market platform Kalshi has filed a lawsuit against officials in the state of Illinois regarding new regulations. According to Cointelegraph, Kalshi alleges that Illinois Governor JB Pritzker, Attorney General Kwame Raoul, and officials from the state's gaming commission have illegally infringed upon the authority of the U.S. Commodity Futures Trading Commission (CFTC). The company argues that a recently enacted state law, Senate Bill 3019, conflicts with federal law. The bill requires sports prediction platforms to obtain a state license and introduces a 0.2% Privilege Tax on cryptocurrency transactions. Kalshi emphasized that it would suffer irreparable harm if the law takes effect as scheduled on July 1.