CFTC Sues Utah to Block State Enforcement Against Kalshi and Susquehanna
The Commodity Futures Trading Commission has filed a federal lawsuit against Utah, seeking to block the state from pursuing enforcement actions against prediction-market exchange Kalshi and trading firm Susquehanna, according to the CFTC’s own press release.
The federal complaint asks the court to bar Utah not just from enforcement but from investigating markets the CFTC says fall under federal jurisdiction, according to The Defiant.
The filing follows Utah’s own lawsuit against Kalshi, filed last week according to Cointelegraph, in which the state is seeking to recover up to 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.
in profits tied to event contracts offered on prediction markets.
The Block reports the CFTC’s suit marks an escalation in an ongoing legal fight between the federal regulator and states over who has authority to police prediction markets, a dispute that has intensified as platforms like Kalshi have expanded event-contract offerings that resemble sports betting or political wagering in some states' view.
The outcome could determine whether states retain power to bring their own cases against CFTC-regulated trading platforms or whether federal oversight preempts that authority entirely.
Sources: CFTC Press Releases, The Defiant, The Block, Cointelegraph
This article is for information only and is not financial advice.
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US Commodity Futures Trading Commission Kalshi
