ChainCatcher reports that Tarek Mansour, CEO of prediction market platform Kalshi, responded to the news of Arizona Attorney General Kris Mayes' criminal lawsuit against Kalshi, stating, "The Arizona Attorney General's allegations are baseless and clearly an overreach of authority. If they can bring these criminal charges against Kalshi, they can also bring similar lawsuits against traditional derivatives on the Chicago Mercantile Exchange (CME) and Nasdaq, including options trading, interest rate swaps, and grain futures. We filed a lawsuit against Arizona in federal court last week."
However, instead of allowing the federal court to conduct a substantive hearing, the state attorney general attempted to circumvent due process by filing false charges in state court. "We will not be intimidated; we will continue to build."
According to a previous report by ChainCatcher , Arizona Attorney General Kris Mayes filed a criminal complaint against Kalshi, stating that "Kalshi may have touted itself as a 'prediction market,' but in reality, it operated an illegal gambling operation and accepted bets on Arizona elections, both of which violate Arizona law. No company has the right to decide which laws it must comply with."
