Utah just raised the stakes on prediction markets. AG Derek Brown filed criminal charges against Kalshi and co-founders Tarek Mansour and Luana Lopes Lara for allegedly promoting illegal online gambling.
Last week the state also sued Kalshi, seeking up to $60 million in profits tied to event contracts. The CFTC has sued Utah in return, trying to block the state’s move against prediction markets.
A civil fight over who regulates these contracts is one thing. Naming co-founders in a criminal case is a sharper signal that some states still treat this product as gambling, federal pushback or not.
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Last week the state also sued Kalshi, seeking up to $60 million in profits tied to event contracts. The CFTC has sued Utah in return, trying to block the state’s move against prediction markets.
A civil fight over who regulates these contracts is one thing. Naming co-founders in a criminal case is a sharper signal that some states still treat this product as gambling, federal pushback or not.
$SUI $INIT $LITEB