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Utah plans to ban prediction market platforms, Kalshi has filed a lawsuit against this
According to Cointelegraph, Utah's HB243 bill has been submitted to the governor for signature, defining "proposition betting" as gambling, aimed at banning prediction market platforms like Kalshi and Polymarket from operating in the state. Governor Spencer Cox stated he would sign the bill.
Kalshi subsequently filed a lawsuit against Utah and Iowa, claiming that its event contracts are federally regulated derivatives, and that states have no authority to prohibit them. In response, CFTC Chairman Michael Selig emphasized that the CFTC has exclusive regulatory authority over prediction markets, stating, "Whoever challenges, see you in court."
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