Judge Analisa Torres denied Kalshi a preliminary injunction in its SDNY case, sending the dispute to the motion-to-dismiss stage after ruling New York's gambling laws as applied to sports event contracts are not preempted by the Commodity Exchange Act. The decision marks a major setback for the prediction market in the financial capital and carries knock-on effects for parallel suits in Connecticut and other districts. Judge Analisa Torres Ripple case ruling and implications for commodities vs securities now intersect with the Kalshi SDNY case Commodity Exchange Act preemption of state gambling laws, testing how federal derivatives rules interact with state betting statutes.