US Congress · New York · The Block
CFTC sues Utah as battle over prediction market regulation intensifies
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The Commodity Futures Trading Commission is escalating its legal fight with states, suing Utah after the state filed a lawsuit against prediction market platform Kalshi, alleging it offered illegal gambling to residents.
Key facts
- The CFTC's lawsuit now marks its tenth against a state for what it says is impeding its "exclusive jurisdiction" following Arizona, Connecticut, Illinois, New York, Wisconsin, Minnesota, Rhode
- Congress entrusted the CFTC to be the federal regulator with sole responsibility to oversee these markets," said CFTC Chair Michael Selig in a statement
- On Tuesday, the federal regulator filed a lawsuit in the U.S. District Court for the District of Utah, Central Division, against the state and its Attorney General Derek Brown, and said the state
- The Utah Attorney General's office did not immediately respond to a request for comment
Summary
On Tuesday, the federal regulator filed a lawsuit in the U.S. District Court for the District of Utah, Central Division, against the state and its Attorney General Derek Brown, and said the state was intruding on its jurisdiction over prediction markets. "Congress entrusted the CFTC to be the federal regulator with sole responsibility to oversee these markets," said CFTC Chair Michael Selig in a statement. The CFTC's lawsuit now marks its tenth against a state for what it says is impeding its "exclusive jurisdiction" following Arizona, Connecticut, Illinois, New York, Wisconsin, Minnesota, Rhode Island, New Mexico and Kentucky.