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Morning Edition · Thursday, October 29, 2026Published at 1:42 AM EDT · New York
Utah Files Felony Charges Against Kalshi and Its Co-Founders One Day After the CFTC Sued the State
Utah is the second state after Arizona to criminally prosecute a federally registered prediction market, and Robinhood's results show event contracts now earn it more than crypto trading does.
Utah Attorney General Derek Brown filed criminal charges on October 28 against KalshiEX LLC and its co-founders, Chief Executive Tarek Mansour and Chief Operating Officer Luana Lopes Lara. According to the Deseret News and The Defiant, the…
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Prediction Markets Become a Federal-State Jurisdiction Fight
As event contracts grow, the CFTC and state gambling regulators will keep contesting who governs them. The likely result is repeated court rulings, state cease-and-desist actions and federal rulemaking that draw a recurring line between swaps and gambling. Prediction-market operators' addressable market and product scope will be set by how that line holds, not by demand.
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