BlockBeats report: On March 18, CFTC Chairman Mike Selig stated that the Arizona Attorney General’s criminal charges against Kalshi—a trading platform already registered with the CFTC—regarding prediction markets are essentially a jurisdictional dispute, and elevating the matter to a criminal prosecution is “entirely inappropriate.” The CFTC is closely monitoring developments in this case and evaluating potential responses.
Earlier today, Arizona Attorney General Kris Mayes filed criminal charges against the prediction market platform Kalshi, accusing it of offering illegal gambling services within the state, including allowing users to bet on sports events and election outcomes. In a statement, Mayes said that although Kalshi positions itself as a “prediction market,” it is in fact operating an illegal gambling business and permitting users to wager on Arizona elections, in violation of state law. “No company can decide for itself which laws to follow.”