Utah likens Kalshi to a ‘back-alley gambling den’ in lawsuit naming Susquehanna firms

Utah has filed a lawsuit against prediction-market platform Kalshi, comparing it to a 'back-alley gambling den' and naming Susquehanna-affiliated firms as defendants. The state is seeking to recover alleged gambling profits and to block Kalshi from offering bets on sports, politics and culture within Utah. The action adds regulatory and legal pressure on prediction markets, a negative for Kalshi's expansion prospects and potentially for related crypto-adjacent event-trading venues, though it does not directly target any major token.