ChainCatcher report, according to Cointelegraph, Utah’s HB243 bill has been sent to the governor for signature, defining “prop bets” as gambling and aiming to ban prediction market platforms such as Kalshi and Polymarket from operating in the state. Governor Spencer Cox stated he will sign the bill. In response, Kalshi has filed lawsuits against Utah and Iowa, arguing that its event contracts are derivatives regulated at the federal level and thus beyond the authority of individual states to prohibit. CFTC Chair Michael Selig emphasized that the CFTC holds exclusive regulatory authority over prediction markets, stating, “Anyone who challenges this will see you in court.”
Utah Bill Aims to Ban Prediction Markets; Kalshi Files Lawsuit
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Summary
Utah’s HB243 bill, currently awaiting the governor’s signature, defines proposition betting as gambling, targeting platforms such as Kalshi and Polymarket. Governor Spencer Cox plans to sign the bill. Kalshi has sued Utah and Iowa, asserting that its contracts are governed by federal derivatives regulations. CFTC Chair Michael Selig stated that the agency holds exclusive authority over prediction markets. This action could affect liquidity and crypto markets. A crypto ban in Utah may establish a precedent for other states.
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