Crypto.com Sues Washington Over Injunction Against Kalshi Prediction Market

Crypto.com's prediction market platform OG has taken legal action against Washington Attorney General Nicholas Brown in response to a recent injunction against Kalshi.

OG filed a lawsuit for declaratory and injunctive relief in U.S. District Court for the Western District of Washington at Seattle, arguing that the threat of enforcement by the state poses 'a direct and imminent threat' to its business and users.

The lawsuit claims that Washington law is preempted by federal law under the Commodity Exchange Act (CEA), which grants exclusive regulatory authority to the CFTC over federally registered markets like OG's.