Judge Torres denies Kalshi preliminary injunction in SDNY case, ruling New York gambling laws not preempted by Commodity Exchange Act after Ripple case.

According to Fox News, a federal judge has issued a preliminary injunction preventing the Trump administration from pulling funding from local governments. This legal action introduces short-term uncertainty in financial markets, especially regarding regulatory stability and government policy enforcement, which are key factors for cryptocurrency investor sentiment. Traders should monitor further legal developments as shifts in U.S. government funding policies often influence risk appetite and liquidity flows into digital assets. Source: Fox News (June 5, 2025).