Kalshi & Letitia James

Kalshi: Kalshi received a temporary reprieve from the CFTC's order, allowing it to continue operating during the NFL season. However, it faces significant legal and financial exposure from United States — New York's lawsuit and ongoing regulatory scrutiny.

Letitia James: As United States — New York's Attorney General, Letitia James filed the lawsuit against Kalshi and is a central figure in the jurisdictional dispute. Her actions are contested by the CFTC and Kalshi.

Kalshi: Kalshi is the primary defendant, facing potential shutdown in United States — New York, disgorgement of profits, and treble damages. The lawsuit threatens its business model and could set a precedent affecting its operations nationwide.

Letitia James: Attorney General James is leading the legal action, arguing that prediction markets are illegal gambling and seeking penalties and restitution. Her office has also sued Coinbase and Gemini.

Kalshi: Kalshi is under investigation and also facing a lawsuit from New York's Attorney General; it argues its operations differ from gambling and is required to continue operating by the CFTC.

Letitia James: The New York Attorney General's lawsuit against Kalshi adds legal pressure on prediction markets, though her office has not targeted Polymarket.