The move marks an escalation in a nationwide battle against prediction market platforms like Kalshi and Polymarket. Utah has already sued Kalshi over allegations it was operating illegally in the state, joining several other states, including New York, Nevada, New Mexico, Washington, Connecticut and others, in filing suit against the company. New York and Kentucky also sued Polymarket. In March, Arizona became the first state to file charges against Kalshi, but a federal judge later blocked his case.
Against the backdrop of these legal battles, the Commodity Futures Trading Commission (CFTC) opposes state attempts to regulate prediction markets, arguing that it has “exclusive jurisdiction” over the platforms. States recently scored victories with two federal appeals courts ruling against Kalshi and Polymarket’s attempt to combat state-level surveillance. However, the Third Circuit Court of Appeals ruled in April that the CFTC had exclusive authority to regulate prediction markets in New Jersey, and recently asked the Supreme Court to take up its case.
Kalshi says Utah charges are ‘crazy overreach’ in statement provided to Associated Pressadding, “We look forward to putting an end to this in court, just like we did in Arizona.” »
Gn bussni
