State v. operator
State of New Mexico v. KalshiEX LLC
New Mexico state court (not identified in sources reviewed)
Pending
Filed in state court in early June 2026. DeFi Rate's case list (Oct. 2026) describes the case as removed to federal court with removal disputed; no ruling found.
The question
Whether the operator's event contracts are unlicensed gambling under New Mexico law, or whether federal commodities law preempts the state's claims.
New Mexico sued Kalshi in state court alleging its offerings amount to unlawful online sports betting and seeking to halt sports-related contracts in the state. The CFTC sued New Mexico the following week.
Public records for this case are thin. Treat this page as provisional.
Docket timeline
CFTC sues New Mexico, citing the state's suit against Kalshi filed the prior week.
Source: cftc.gov