CFTC sues Utah to block action against prediction markets
Summary
The CFTC sued Utah and Attorney General Derek Brown, arguing federal law gives it exclusive authority over prediction markets and preempts state efforts to restrict CFTC-registered exchanges. Utah had announced plans to sue Kalshi and affiliates to recover up to $60 million in allegedly illegal profits. The dispute adds to a growing set of state and federal legal battles over prediction markets; the Supreme Court has not said whether it will hear a related New Jersey case.
