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Arizona attorney general brings criminal case against Kalshi over election contracts

Enforcement & compliance

Arizona Attorney General Kris Mayes brought a criminal case against Kalshi, alleging that its election-outcome contracts violate state law. The contracts cited include markets on the 2028 US presidential election and Arizona’s 2026 gubernatorial election, on which Arizona law prohibits betting. Kalshi denies the allegations and says its platform is a federally regulated derivatives exchange overseen by the Commodity Futures Trading Commission.

The case tests whether Kalshi’s election contracts fall under state gambling laws or federal derivatives oversight.

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Earlier fines and penalties by Commodity Futures Trading Commission

DateCompanyAmountStoryAppeal status
Kalshi, PolymarketNot statedArizona attorney general charges Kalshi entities over unlicensed wageringNot stated
KalshiNot statedKalshi bans political candidate and insider after trading-rule violationsNot stated
Kalshi, Beast IndustriesNot statedKalshi suspends two users and fines them over insider tradingNot stated
CoinbaseNot statedNevada Gaming Control Board seeks to block Coinbase sports contractsNot stated
PolymarketNot statedNevada court bars Polymarket event contracts for at least two weeksNot stated

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