Utah AG charges Kalshi over alleged illegal gambling

What happened: Utah Attorney General Derek Brown filed criminal charges against Kalshi and its cofounders, accusing the prediction market operator of illegally promoting online gambling and profiting from unlawful activity. Key numbers: 13 counts of violating Utah's online gambling ban, one count of profiting from illegal activity, Why it matters: The charges escalate the fight over prediction market regulation, following a civil suit and Arizona's criminal case, which a federal judge blocked after the CFTC sued. Kalshi called the move an overreach and said it will fight it in court. Coverage: 6 outlets in 24h

Utah Attorney General Derek Brown filed criminal charges against Kalshi and its cofounders, accusing the prediction market operator of illegally promoting online gambling and profiting from unlawful activity.

The charges escalate the fight over prediction market regulation, following a civil suit and Arizona's criminal case, which a federal judge blocked after the CFTC sued. Kalshi called the move an overreach and said it will fight it in court.