SectorWire
SearchGet the daily briefing
Menu

CFTC and Justice Department seek order blocking Utah cases against Kalshi

Regulation

The Commodity Futures Trading Commission and Justice Department asked a federal judge to block Utah from pursuing criminal and civil cases against Kalshi. Their motion seeks a temporary restraining order and preliminary injunction against enforcement of state gambling laws on prediction-market event contracts, following Utah’s filing of 14 criminal charges against Kalshi and its co-founders.

The request could affect whether Utah can enforce gambling laws against prediction-market contracts while the dispute proceeds.

This story so far

Request a correction

Keep reading

Regulation

Utah operators restrict prediction markets after charges against Kalshi

DraftKings, FanDuel, Fanatics and PrizePicks have restricted some prediction market products in Utah after Utah Attorney General Derek Brown filed 14 criminal charges against Kalshi. DraftKings and FanDuel retain financial contracts, while Fanatics plans to stop taking trades in the state on 4 November; PrizePicks has disabled Team Picks and Culture Picks.

Utah's 14 criminal charges against Kalshi have led DraftKings, FanDuel, Fanatics and PrizePicks to pare back what they offer in prediction markets there. How far each operator goes differs.

Continue reading