Kalshi CEO invokes Nasdaq in $36B New York lawsuit

Kalshi CEO Tarek Mansour defended the prediction market operator on Aug. 3 after New York filed a lawsuit seeking at least $36 billion in damages, penalties and related relief. Summary New York seeks at least $36 billion while alleging Kalshi operates an unlicensed gambling platform. Kalshi removed the case to federal court, temporarily sidelining New York’s immediate preliminary injunction request. Tarek Mansour compared Kalshi with Nasdaq, saying the exchange matches traders and charges transaction fees. Federal courts previously refused Kalshi’s bid to block New York from enforcing gambling laws locally. The next court fight concerns federal jurisdiction, remand, and whether state gambling rules can coexist. During a CNBC interview, Mansour compared Kalshi’s structure to Nasdaq and argued that the state’s allegations threaten the wider event contract business. The legal case also moved away from New York state court. The prediction market platform removed the proceeding to the U.S. District Court for the Southern District of New York shortly after Attorney General Letitia James filed it on July 31. New York Supreme Court Justice Melissa A. Crane then treated the state’s prelimin...