CFTC Files Suit Against Utah to Halt Prediction Market Moves

The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against the state of Utah and its attorney general, escalating a long-running fight over who has authority to regulate U.S. prediction market platforms. According to a Monday filing in the U.S. District Court for the District of Utah, the regulator is challenging Utah’s legal efforts tied to Kalshi and its affiliates—efforts that Utah officials say are aimed at compelling the return of up to $60 million in profits they allege were generated through unlawful betting.