U.S. agency hits Utah with lawsuit to shield Kalshi's ability to offer betting there
Summary
The CFTC sued to block Utah from enforcing its ban on Kalshi’s prediction-market contracts, arguing federal law gives the agency exclusive authority over event contracts. Utah says Kalshi is operating an illegal online casino. The dispute is part of a broader conflict: the CFTC is fighting 10 states, and federal appellate courts have issued mixed rulings on whether federal oversight preempts state gambling laws. Former CFTC chair Gary Gensler and Dodd-Frank co-author Chris Dodd have backed the states’ position in briefs to the Supreme Court, arguing the law did not shift sports-betting authority from states to the CFTC.
