Utah files criminal charges against Kalshi
The state has charged the company and its two co-founders, escalating the fight over who regulates prediction markets.
RegulationUtah prosecutors filed felony charges against Kalshi and its two co-founders on 28 October, including 13 counts under the state's laws on wagering and one count of profiting from unlawful activity.
Kalshi called the charges "crazy overreach" and said it would challenge them in court. Arizona brought the first criminal case against the company earlier this year, and a judge has paused it.
The CFTC, which backs the view that federal law governs prediction markets, sued Utah the same week. It has now taken at least ten states to court. Litigation spans around 20 states, and many expect the Supreme Court to settle the question.
Summary by FlowsPredicts. Full story by ABC News.
