COINDESK · 2026-10-27 19:08 UTC

U.S. agency hits Utah with lawsuit to shield Kalshi's ability to offer betting there

The CFTC filed a federal lawsuit against Utah to block the state attorney general's enforcement action restricting Kalshi's prediction market betting, which is constitutionally banned in Utah. CFTC Chairman Mike Selig argues event contracts serve hedging and information purposes and that the CFTC is the sole regulator of prediction markets, while Utah's attorney general calls Kalshi an illegal online casino. The dispute involves conflicting court rulings across three federal appellate courts, with the CFTC battling 10 states; former SEC Chair Gary Gensler and Dodd-Frank co-author Chris Dodd…

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