CFTC Sues Utah Over Kalshi Crackdown, First Case Against 1 GOP-Led State
Updated
Updated · POLITICO · Oct 28
CFTC Sues Utah Over Kalshi Crackdown, First Case Against 1 GOP-Led State
3 articles · Updated · POLITICO · Oct 28
Summary
Utah became the first GOP-led state sued by the CFTC after the agency filed a case Tuesday challenging the state’s move to clamp down on Kalshi’s prediction markets.
The lawsuit is a direct rebuke to Utah’s recent effort to restrict the federally regulated platform and escalates a fight over prediction markets that is widely seen as headed toward the Supreme Court.
Gov. Spencer Cox has been a critic of the agency, making the case a sharper federal-state confrontation over who controls oversight of event-contract trading.
The clash comes as the CFTC is also probing Polymarket’s past U.S. operations, including whether it violated a 2022 settlement meant to block American users from its platform.