纽约总检察长致函法院要求无视CFTC对Kalshi的紧急令
New York Attorney General Asks Federal Court to Disregard CFTC Emergency Order to Kalshi
加密衍生品监管博弈的关键节点。Kalshi作为头部预测市场平台，其体育合约业务高度依赖纽约州市场，此法律攻防直接决定其能否在该核心区域持续运营。建议关注后续法官对初步禁令的裁定结果及监管态度的演变。
New York Attorney General Letitia James weighed in on the United States Commodity Futures Trading Commission’s lawsuit against New York on Monday in the form of a letter to the US District Court for the Southern District of New York.
纽约州总检察长莱蒂蒂亚·詹姆斯（Letitia James）周一以一封致美国纽约南区联邦地区法院的信件形式，对美国商品期货交易委员会（CFTC）起诉纽约州的案件发表了意见。
The correspondence focuses on an August emergency order issued by the CFTC to Kalshi in response to New York’s lawsuit against Kalshi.
这封通信的重点是 CFTC 于 8 月向 Kalshi 发布的一项紧急命令，该命令是对纽约州起诉 Kalshi 的回应。
James makes a case in the letter that the emergency order is irrelevant to the commission’s lawsuit against the state, as the court considers whether to grant a request for a preliminary injunction barring New York from proceeding with its litigation. Given the state’s population and the importance of sports event contract trading for Kalshi’s volume, each detail in these lawsuits carries high stakes.
詹姆斯在信中提出论点，认为该紧急命令与委员会对纽约州的诉讼无关，因为法院正在考虑是否批准一项初步禁令请求，以阻止纽约州继续推进其诉讼。鉴于纽约州的人口规模以及体育赛事合约交易对 Kalshi 交易量重要性，这些诉讼中的每个细节都关乎重大利益。
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James responds to CFTC order in court filing
詹姆斯在法庭文件中回应 CFTC 的命令
James’ Aug. 31 letter to US District Judge Lorna G. Schofield states that “the ‘order’ should be given no weight on plaintiffs’ preliminary injunction motion (‘motion’) because it is irrelevant and has no persuasive or evidentiary value.”
詹姆斯于 8 月 31 日写给美国地区法官洛娜·G·斯科菲尔德（Lorna G. Schofield）的信中指出，“该‘命令’不应在原告申请初步禁令动议（‘动议’）时被赋予任何权重，因为它既无关紧要，也不具有说服力或证据价值。”
The order James is referencing came from the CFTC on Aug. 11 and instructed Kalshi to continue processing trades in sports-event contracts initiated in New York, even though the state had sued Kalshi for alleged violations of New York gambling laws.
詹姆斯所指的命令来自 CFTC，发布于 8 月 11 日，指示 Kalshi 继续处理在纽约发起的体育赛事合约交易，尽管该州已因涉嫌违反纽约赌博法而起诉 Kalshi。
James’ letter concerns the United States of America vs. New York lawsuit, which is a separate matter from New York’s lawsuit against Kalshi. However, the CFTC’s success in the former could handcuff the latter.
詹姆斯的信件涉及的是美利坚合众国诉纽约州一案，这与纽约州起诉 Kalshi 的案件是分开的。然而，CFTC 在前案中胜诉可能会束缚后案的进展。
James lays out case against court’s consideration of order
詹姆斯阐述反对法院考量该命令的理由
James addresses the court on two points in trying to persuade Schofield to disregard the CFTC order as substantial in the CFTC’s plea for injunctive relief.
为了说服斯科菲尔德法官忽视 CFTC 命令的重要性，詹姆斯在试图驳回 CFTC 关于禁令救济的请求时，就两点向法庭进行了陈述。
- The order carries no weight in this context because it’s merely the CFTC restating its legal arguments that multiple courts have already found lacking
- The order fails an “expert and impartial judgment” test because its sole purpose is to reinforce those legal arguments
- 在该背景下，该命令不具备任何分量，因为它仅仅是 CFTC 重申其法律论点，而这些论点已被多个法院认定缺乏依据。
- 该命令未能通过“专业且公正的判断”测试，因为其唯一目的是强化那些法律论点。
In supporting her arguments, James cites court decisions from the US Ninth Circuit Court of Appeals and the US District Court for the Western District of Wisconsin. Both of those rulings found that sports event contracts do not meet the statutory definition of “swaps” under federal law and held that federal statutes do not preempt state governments from regulating sports event contract trading within their borders.
在支持她的论点时，詹姆斯引用了美国第九巡回上诉法院和美国威斯康星西区联邦地区法院的判决。这两项裁决均认定，体育赛事合约不符合联邦法律下“互换合约”（swaps）的法定定义，并裁定联邦法规并不剥夺各州在其辖区内监管体育赛事合约交易的权力。
James adds that “the ‘order’ does not claim to be based on any expert judgment.” With that statement, she refers to a section of the United States Code that requires that emergency orders from regulatory agencies like the CFTC be based on those bodies’ use of “expert and impartial judgment.”
詹姆斯补充称，“该‘命令’并未声称基于任何专家判断。”通过这一陈述，她指的是《美国法典》中的一节内容，该节要求商品期货交易委员会（CFTC）等监管机构发布的紧急命令必须基于这些机构所运用的“专业和公正的判断”。
Whether Schofield ignores the CFTC’s order in her decision on the CFTC’s motion for a preliminary injunction may not ultimately make the difference in whether she grants that motion. However, James faced court direction to respond to the order, and each chance to try to sway Schofield is worth taking for both sides of the dispute.
斯科菲尔德在裁定商品期货交易委员会（CFTC）初步禁令动议时是否无视该委员会的命令，可能最终不会成为她是否批准该动议的决定性因素。然而，詹姆斯已接到法院指示，需对该命令作出回应，对于争议双方而言，每一次试图影响斯科菲尔德的机会都值得把握。
Sports event contract offerings in New York are crucial for Kalshi
在纽约提供体育赛事合约对Kalshi至关重要
The vast majority of the contract volume on Kalshi is at least partially sports, and New York is home to the US’ most populous city.
Kalshi上的合约交易量绝大多数至少部分与体育相关，而纽约是美国人口最多的城市所在地。
Litigation blocking Kalshi’s ability to offer sports event contracts in the state could mean a significant loss of fees, especially with Kalshi set to provide these markets in the state for a full NFL season for the first time.
诉讼阻碍了Kalshi在该州提供体育赛事合约的能力，这可能意味着显著的收入损失，尤其是考虑到Kalshi首次准备在该州为一个完整的NFL赛季提供这些市场。
Such a significant legal setback might also degrade investor confidence in the company’s future. For those reasons, the stakes in New York v. Kalshi and USA v. New York couldn’t be higher for the prediction market exchange at the heart of both disputes.
如此重大的法律挫折也可能削弱投资者对公司未来的信心。出于这些原因，在涉及预测市场交易所的两大纠纷——纽约诉Kalshi案和美国诉纽约案中， stakes（利害关系/赌注）都极为重大。
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文章《纽约州总检察长请求联邦法院无视商品期货交易委员会（CFTC）针对Kalshi的紧急命令》首发于 DeFi Rate。
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