CFTC sues Utah to protect Kalshi betting in prediction market power fight

The U.S. Commodity Futures Trading Commission sued Utah to protect Kalshi's ability to offer event betting in the state, part of more than a dozen legal actions the agency has filed to defend what its chair calls its sole authority over prediction markets. The case is a jurisdictional fight over whether federal derivatives regulators or state gambling authorities control prediction markets. Traders in event and prediction markets should watch how courts define that boundary, since it shapes which platforms can operate where.