U.S. agency hits Utah with lawsuit to shield Kalshi's ability to offer betting there
Source: CoinDesk ·
From the source
The U.S. Commodity Futures Trading Commission has pursued more than a dozen legal actions to protect what its chief sees as its sole power over prediction markets. The U.S. agency that oversees derivatives has filed a federal legal challenge to halt Utah's attempt to stop prediction market betting in its state, where gambling is constitutionally banned. The U.S. Commodity Futures Trading Commission is asking the court to put a stop to the Utah attorney general's enforcement effort last week that was meant to restrict Kalshi from offering gambling to residents in the state, where it's illegal. After Utah has so far prevailed against Kalshi in federal court, the federal agency is weighing in with its own lawsuit, the CFTC said on Tuesday. "Event contracts do not just serve hedging and investment purposes — they also provide the public with information about the outcome of future events," said CFTC Chairman Mike Selig in a statement, which also further defended what he sees as his…