Washington state court says Kalshi amounts to illegal gambling under state law

A Washington state court in the U.S. issued a preliminary injunction against decentralized prediction market platform Kalshi and found its activities amount to illegal gambling under state law, The Block reported. A preliminary injunction is a court order that temporarily bars certain conduct until a final ruling is issued. As a result, Kalshi’s services are increasingly likely to be temporarily suspended in Washington state. Kalshi told The Block, "state governments do not have jurisdiction to regulate prediction markets. Several courts have already made that clear."