Salt Lake CityThe CFTC has sued 10 states to protect prediction markets.
A Utah shutdown of Kalshi could hurt Polymarket, DraftKings and FanDuel too.
The agency argues the Commodity Exchange Act gives it exclusive jurisdiction over event contracts, pre-empting state gambling law.
A federal judge in Utah ruled in August that the Act does not pre-empt state gambling laws.
39 other states and the District of Columbia back New Jersey’s petition asking the US Supreme Court to resolve the circuit split.
How each outlet framed it
- Ars Technica
- frames Utah's suit as a state-law fight over whether the CFTC's sole authority can override state gambling bans
Sources: Ars Technica