Prediction markets firm Kalshi has filed a lawsuit against Illinois state officials, arguing that newly enacted legislation in the state “expressly bans sports event contracts” on its platform unless Kalshi complies with a licensing regime. The company says the law conflicts with federal oversight of prediction markets and could force it to make operational changes that would be costly and ultimately unrecoverable. In a Tuesday filing in the U.S. District Court for the Northern District of Illinois, Kalshi named Illinois Governor JB Pritzker, Attorney General Kwame Raoul, and other officials connected to the state’s gaming board. The complaint asserts that the measure signed last week—Illinois Senate Bill 3019—improperly intrudes on authority Kalshi says belongs to the U.S. Commodity Futures Trading Commission (CFTC) under federal law. Kalshi is seeking to block the statute from taking effect on July 1. Key takeaways Kalshi alleges Illinois Senate Bill 3019 conflicts with federal CFT...
The CLARITY Act has entered its final review stage after months of negotiations, with Senator Cynthia Lummis confirming an early July release of the updated bill text. Lawmakers now aim to advance the crypto market structure legislation through the Senate later in July. Meanwhile, several organizations continue raising concerns about specific provisions tied to oversight and anti-money laundering requirements. Senate Prepares Final Clarity Act Release Senate negotiators are preparing to publish the updated CLARITY Act text around July 4. The release will provide lawmakers, industry participants, and other stakeholders with an opportunity to review the final draft. After that process, Senate leaders plan to move the legislation toward floor consideration. Lummis indicated that negotiations have continued for several months and involved lawmakers, industry groups, and banking representatives. The discussions focused on refining provisions that generated concerns during earlier drafting s...