Prediction market Kalshi has filed a lawsuit in federal court against Iowa Attorney General Brenna Bird and the Iowa Racing and Gaming Commission. The lawsuit cites a "significant risk" of enforcement action to block Kalshi's event contracts. Kalshi claims that during a meeting intended to discuss a tax bill, its representatives were questioned about potential violations of Iowa state law by its federally regulated products. Despite seeking assurance from the attorney general's office, Kalshi received a response indicating no guarantees against future enforcement actions. Kalshi argues that federal law, under the jurisdiction of the Commodity Futures Trading Commission (CFTC), preempts Iowa state law. The company has faced similar legal challenges in other states, with mixed outcomes. Courts in New Jersey and Tennessee have temporarily blocked state regulators from acting against Kalshi, while Ohio and Massachusetts courts have ruled against the company.
Kalshi Sues Iowa Officials Over Potential Enforcement on Event Contracts
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