alt Hacker NewsThe most important lines to me are the CFTC Chairman's quote:
> These are financial exchanges that offer financial instruments and operate across state lines. They match the bid from a resident of one state with the offer of a resident from another state and submit the trade to a clearinghouse that backstops the transactions of customers throughout the country. New York has no business regulating these interstate financial markets.
If true, it seems quite irrelevant that NY is limiting its suit to NY customers. NY would be restricting trade to people in other states. (I am not a fan or user of Kalshi)
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That’s pretty normal though, and has been for ages. A lot of states have random laws around the things you can sell there, even though it would prevent an out of state entity from selling the product there.
Liquor laws come to mind, you usually need special distribution stuff per state.
It would be a wild expansion of the commerce clause to prevent states from regulating what can be sold inside the state.
Isn't this how gambling works though? You and I place a similar value of chips on a table, then the winner walks it over to a third party (the counter at the casino) to exchange the chips for currency?