According to CoinMeta, the Commodity Futures Trading Commission (CFTC) lost a case in the gambling case in New York. The judge rejected its request to suspend the case, allowing New York to continue its law enforcement actions against the platform. U.S. District Judge Jed S dismissed the CFTC's request for a temporary restraining order, stating that the agency failed to prove a high likelihood of success or irreversible harm. This ruling does not resolve the larger dispute over whether markets regulated by federal authorities are derivative exchanges or gambling platforms governed by state laws. New York Attorney General Letitia James filed a lawsuit against Kalshi on July 31, accusing it of operating illegal and unlicensed gambling operations. Kalshi allows users to trade contracts based on the outcomes of sports events, elections, economic releases, and other real-world events. The next development in this case may occur on August 7, and Kalshi may submit another emergency relief request before Judge Victor Marrero.