Utah charges Kalshi and its founders, escalating a fight over who can regulate prediction markets
The state says Kalshi took bets from Utah residents and earned up to $61.1 million from wagers, escalating a fight over who regulates prediction markets.
- On Wednesday, Utah Attorney General Derek Brown filed criminal charges against prediction market operator Kalshi and co-founders Tarek Mansour and Luana Lopes Lara, accusing them of promoting illegal online gambling.
- The Commodity Futures Trading Commission, under President Donald Trump, sued Utah to block enforcement of state anti-gambling laws, arguing federal regulations preempt state jurisdiction over prediction markets.
- Charging documents allege state investigator Scott Eggerman used an undercover account to place wagers on sports events, with Kalshi collecting fees between 3 cents and 78 cents per transaction.
- Calling the charges 'a crazy overreach,' a Kalshi spokesperson stated, 'Utah is clearly playing politics,' while the company maintains its platform operates under federal jurisdiction, not state gambling laws.
- Legal analyst Daniel Wallach suggests Utah's felony charges could be a 'bellwether' for other states as litigation spreads across roughly 20 states, with the U.S. Supreme Court expected to ultimately settle the jurisdictional dispute.
32 Articles
32 Articles
Kalshi, founders charged, escalating fight over who can regulate prediction markets
Utah is pursuing criminal charges against prediction market operator Kalshi and two executives, after a federal judge rejected Kalshi’s effort to prevent Utah from enforcing its anti-gambling laws against the activity
Associated Press News
Utah charges Kalshi and its founders, escalating a fight over who can regulate prediction markets
Utah is pursuing criminal charges against prediction market operator Kalshi and two executives, after a federal judge rejected Kalshi’s effort to prevent Utah from enforcing its anti-gambling laws against the activity.
Utah Files Criminal Charges Against Prediction Market Kalshi
Utah criminally charges Kalshi with promoting illegal gambling
By Nate Raymond Oct 28 (Reuters) - Utah's attorney general brought criminal charges against Kalshi and two of its top executives, accusing the prediction market platform of illegally promoting online gambling and allowing an undercover agent to place ...
Utah files 14 criminal charges against Kalshi and its founders, says the site breaks the state’s gambling laws
Utah's attorney general filed charges against prediction market Kalshi and its co-founders on Wednesday, citing illegal gambling wagers placed by an agent on the site.
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