Utah Files Criminal Charges Against Kalshi and Its Co-Founders Over Gambling Laws
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· body · New information from a source
Utah prosecutors filed 13 felony counts and one misdemeanor against Kalshi and its co-founders, according to charging information reviewed by The Defiant.The action comes as the CFTC seeks to block Utah from enforcing gambling laws against federally regulated markets.- Utah has brought criminal charges against prediction market platform Kalshi and its co-founders, according to CoinDesk and The Defiant.
- The charging information lists 13 felony counts and one misdemeanor, according to The Defiant.
- CoinDesk reports the charges accuse Kalshi, which operates as a federally regulated exchange, of illegal gambling under Utah law.
- The U.S.
- Commodity Futures Trading Commission is separately seeking to block Utah's enforcement action, arguing the state cannot apply its gambling statutes to markets that fall under federal regulation, according to The Defiant.
- The case sets up a conflict between state gambling law and federal oversight of derivatives and prediction markets, with Kalshi's co-founders named alongside the company in the charges.
· summary · New information from a source
Utah brings criminal charges against prediction market platform Kalshi and its founders on gambling counts.- Utah has criminally charged prediction market Kalshi and its co-founders with illegal gambling, while the CFTC moves to block the state from enforcing those laws against federally regulated markets.
· headline · New information from a source
Utah files 13 felony counts against Kalshi and co-founders over illegal gambling allegations- Utah Files Criminal Charges Against Kalshi and Its Co-Founders Over Gambling Laws
Every change made to this story after publication is recorded here automatically. A factual error gets a correction as well, on the corrections page.
Utah has brought criminal charges against prediction market platform Kalshi and its co-founders, according to CoinDesk and The Defiant.
The charging information lists 13 felony counts and one misdemeanor, according to The Defiant.
CoinDesk reports the charges accuse Kalshi, which operates as a federally regulated exchange, of illegal gambling under Utah law.
The U.S. Commodity Futures Trading Commission is separately seeking to block Utah’s enforcement action, arguing the state cannot apply its gambling statutes to markets that fall under federal regulation, according to The Defiant.
The case sets up a conflict between state gambling law and federal oversight of derivatives and prediction markets, with Kalshi’s co-founders named alongside the company in the charges.
Sources: The Defiant, CoinDesk
This article is for information only and is not financial advice.
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Story so far 2 updates
- flashUtah files 13 felony counts against Kalshi and co-founders over illegal gambling allegationsfirst reported · 2 sourcesthedefiant.io · coindesk.com
- storyUtah Files Criminal Charges Against Kalshi and Its Co-Founders Over Gambling Lawsupdate · 2 sourcesthedefiant.io · coindesk.com
Kalshi US Commodity Futures Trading Commission
