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NY AG Seeks $36B from Kalshi Over Alleged Illegal Gambling Operation

Guavy AI Editorial Team
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New York Attorney General (NYAG) Letitia James has taken action against Kalshi, a decentralized derivatives exchange, seeking $36 billion in damages for allegedly operating an 'illegal gambling' platform.

Kalshi allows users to trade on various market indices, including the S&P 500 and Bitcoin prices. The NYAG claims that this constitutes illegal gambling under New York law.

The lawsuit also targets several other exchanges, alleging they facilitated Kalshi's activities.

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