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 filed lawsuits against Utah and Iowa, arguing that its event contracts are federally regulated derivatives 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, "Bring it to court if you challenge us."
Utah Bill Aims to Ban Prediction Markets; Kalshi Sues
TechFlowShare
Summary
Utah’s HB243 bill, currently awaiting Governor Spencer Cox’s signature, defines “proposition betting” as gambling, targeting platforms such as Kalshi and Polymarket. Kalshi has sued Utah and Iowa, asserting that its event contracts are governed by federal derivatives regulations. CFTC Chair Michael Selig reaffirmed the agency’s exclusive oversight, stating, “Whoever challenges, let’s see it in court.” This move could affect liquidity and crypto markets as states advance measures to ban cryptocurrency.
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