CFTC sues Utah over its effort to block Kalshi betting

CoinDesk reports that the CFTC filed a federal lawsuit seeking to halt Utah’s effort to stop Kalshi from offering betting to residents. Gambling is constitutionally banned in Utah, and a federal district judge has sided with the state in a separate case under appeal. The CFTC argues it has sole regulatory authority over prediction markets, but federal appellate courts have split on the broader dispute.