COINTELEGRAPH · 2026-10-27 19:22 UTC

CFTC sues Utah to block action against prediction markets

CFTC sued Utah to block the state's attorney general from pursuing action against prediction market platform Kalshi, which Utah claimed obtained up to $60 million in illegal profits. CFTC argues Utah is attempting to bypass federal preemption by restricting CFTC-registered exchanges, claiming the regulator has exclusive jurisdiction over prediction markets and event contracts are federally regulated swaps. Multiple states including New Jersey, Michigan, Ohio, and others have similar pending lawsuits against Kalshi, with New Jersey petitioning the Supreme Court to intervene.

Loading the story on Tree News…