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Kalshi sues Utah officials to block action against prediction markets

Regulation

Kalshi sued Utah Governor Spencer Cox and Attorney General Derek Brown in federal court, seeking an injunction against state action targeting its platform, according to the report. The company argues that federal regulators have exclusive authority over its event contracts; Utah officials have said they consider the platform unlawful under state gambling laws.

The case will test whether federal authority prevents Utah from applying state gambling laws to Kalshi’s event contracts.

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Regulation

New York judge questions CFTC bid to block state action against prediction markets

US District Judge Lorna G. Schofield questioned the CFTC's prospects of securing a preliminary injunction to prevent New York from enforcing gambling laws against event-contract platforms. At a 14 September hearing, the agency argued that the contracts fall under its exclusive authority; New York, the American Gaming Association and 44 state attorneys general oppose that position. Federal appeals courts have issued conflicting rulings, and the Supreme Court has been asked to resolve the dispute.

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