Kalshi faces another lawsuit in Washington state, predicting an escalation of market regulatory storm.
CoinFeed reported on March 29th that, according to CoinDesk, Washington State Attorney General Nick Brown has filed a civil lawsuit against prediction market platform Kalshi, accusing it of violating state gambling and consumer protection laws by offering betting services on events such as sports, elections, and war. The lawsuit, filed in King County Superior Court, seeks to prohibit Kalshi from operating in the area, recover lost funds from residents, and impose civil penalties. This is another regulatory action the company has faced recently, bringing it to over 20 civil lawsuits. Previously, Arizona prosecutors filed criminal charges against it, considered the first criminal case against a prediction market. The complaint alleges that Kalshi's advertisements suggested users could bypass local laws to participate in NFL betting, demonstrating its "knowing violation."