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Utah Proposes to Ban Prediction Market Platforms, Kalshi Files Lawsuit
Deep Tide TechFlow News, March 12 — According to Cointelegraph, Utah’s HB243 bill has been sent to the governor for signing, defining “prediction betting” as gambling and aiming to ban platforms like Kalshi and Polymarket from operating in the state. Governor Spencer Cox stated he will sign the bill. Kalshi has filed lawsuits against Utah and Iowa, claiming that their event contracts are federally regulated derivatives and that states have no authority to ban them. In response, CFTC Chairman Michael Selig emphasized that the CFTC has exclusive regulatory authority over prediction markets, saying, “Anyone who challenges that, see you in court.”