The U.S. Commodity Futures Trading Commission announced on October 27 that it had sued Utah to stop the state from using gambling laws to restrict federally registered prediction markets. The agency says federal law gives it exclusive authority over the contracts; Utah says it may prohibit them as gambling. Utah filed criminal charges against Kalshi and its co-founders on October 28. Kalshi disputes the allegations, and no defendant has been convicted.
The UK’s Financial Conduct Authority announced on October 29 a court-backed settlement restricting HTX’s crypto promotions to UK consumers. The confidential settlement is not an admission of wrongdoing or a judgment that HTX broke the law. The UK also proposed tax changes for eligible stablecoins and qualifying crypto loans and liquidity pools; neither proposal is enacted. The Justice Department announced charges against six people in an alleged NFT investment scam; the charges are allegations, not convictions.
