Utah Proposes to Ban Prediction Market Platforms, Kalshi Files Lawsuit

According to Mars Finance, Cointelegraph reports that Utah’s HB243 bill has been sent to the governor for signing, defining “prop betting” as gambling and aiming to ban prediction market platforms like Kalshi and Polymarket from operating in the state. Governor Spencer Cox stated he will sign the bill. Kalshi has immediately filed lawsuits against Utah and Iowa, claiming that their event contracts are federally regulated derivatives and that states have no authority to prohibit them. In response, CFTC Chairman Michael Selig emphasized that the CFTC has exclusive regulatory authority over prediction markets, saying, “Anyone who challenges that will see the courtroom.”