Trump administration intervenes in New York gambling case against Kalshi

The Trump administration has intervened in a legal dispute between New York State and Kalshi, a prediction market platform, claiming that New York's lawsuit against the company constitutes a "market emergency" that justifies federal override of state gambling laws. The administration has ordered Kalshi to continue operating despite New York's legal action to shut it down. This represents a significant clash between federal and state regulatory authority over the emerging prediction markets industry.