The US Commodity Futures Trading Commission sued Utah and Attorney General Derek Brown after state officials announced legal action against prediction market platform Kalshi and its affiliates over allegedly illegal betting. Brown said he would seek to make them return up to $60 million in profits he alleged were obtained illegally.
The CFTC argues that Utah’s action would interfere with federally regulated exchanges offering CFTC-approved contracts. That is the regulator’s legal position, not a court ruling. New Jersey has asked the Supreme Court to hear a related case against Kalshi, but the court had not announced whether it would do so.
