CFTC sues Utah to shield Kalshi from state gambling crackdown

The CFTC has filed a lawsuit against Utah to protect Kalshi from a state gambling crackdown. This legal action follows a lawsuit initiated by Utah last week, which seeks to recover up to $60 million in profits linked to event contracts on prediction markets. This battle between the CFTC and Utah could potentially redefine federal authority over state gambling laws, which would have a significant impact on the operation of prediction markets across the entire United States.