Utah files felony charges against Kalshi and co-founders over prediction market

Utah filed criminal charges against prediction market operator Kalshi and two executives for violating state gambling laws, escalating a regulatory clash after a federal judge allowed the state to enforce its ban. This marks a new tactic in state-level enforcement against prediction markets, with the dispute likely heading to the US Supreme Court. The outcome could set precedent for the legality of prediction markets across the US.

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