CFTC Asks Federal Judge to Halt Utah’s Kalshi Gambling Case
By Unchained
AI summary of the source article
The CFTC has sued Utah to stop the state from treating CFTC-regulated prediction markets, including Kalshi, as illegal gambling. The agency argues that the Commodity Exchange Act preempts state gambling and election-betting laws.
Why it matters
CFTC Chairman Michael Selig stated that “Congress entrusted the CFTC to be the federal regulator with sole responsibility to oversee these markets.”
Key facts
- The CFTC and the U.S. sued Utah and its Attorney General, arguing federal commodities law preempts state gambling enforcement against CFTC-registered exchanges.
- Utah sued Kalshi on Oct. 20, alleging the platform illegally lets residents bet on sports, elections, and politics.
- Utah is the tenth state against which the CFTC has initiated legal proceedings over prediction markets.
Source excerpt · Unchained
The federal government asked a judge in Utah to halt the state's pending case against Kalshi, making Utah the tenth state the derivatives regulator has taken legal action against. The post CFTC Asks Federal Judge to Halt Utah’s Kalshi Gambling Case appeared first on Unchained .