CFTC sues Utah to block action against prediction markets

The US state filed a lawsuit against Kalshi last week, seeking to recover up to $60 million in profits related to event contracts on prediction markets. The US Commodity Futures Trading Commission (CFTC) announced legal action against Utah officials after the state’s attorney general said he would sue to compel Kalshi and its affiliates to return up to $60 million in profits allegedly obtained illegally. In a Monday filing in the US District Court for the District of Utah, lawyers for the commodities regulator sued the State of Utah and its Attorney General Derek Brown a week after officials announced…