TechFlow News from ShallowTide - On March 12, according to Cointelegraph reports, Utah's HB243 bill has been submitted to the governor for signature, defining "proposition wagering" as gambling with the aim of banning prediction market platforms such as Kalshi and Polymarket from operating in the state. Governor Spencer Cox stated he will sign the bill. Kalshi subsequently filed lawsuits against Utah and Iowa, arguing that its event contracts are federally regulated derivatives and that states have no authority to prohibit them. In response, CFTC Chair Michael Selig emphasized that the CFTC has exclusive regulatory authority over prediction markets, stating "whoever challenges it, see you in court."
TechFlow News from ShallowTide - On March 12, according to Cointelegraph reports, Utah's HB243 bill has been submitted to the governor for signature, defining "proposition wagering" as gambling with the aim of banning prediction market platforms such as Kalshi and Polymarket from operating in the state. Governor Spencer Cox stated he will sign the bill. Kalshi subsequently filed lawsuits against Utah and Iowa, arguing that its event contracts are federally regulated derivatives and that states have no authority to prohibit them. In response, CFTC Chair Michael Selig emphasized that the CFTC has exclusive regulatory authority over prediction markets, stating "whoever challenges it, see you in court."