Utah plans to ban prediction markets such as Kalshi and Polymarket, escalating the dispute over regulatory power.
PANews reported on March 12th that, according to Cointelegraph, Utah passed the HB243 Gambling Amendment bill, which aims to classify "event betting" as gambling and prohibit platforms offering sports-related predictions or betting on props under the guise of prediction markets. Kalshi, Polymarket, and others will be affected. Governor Spencer Cox stated his intention to sign the bill. Previously, Kalshi sued Utah, claiming its event contracts are federally regulated derivatives under the Commodity Exchange Act and that the state has no right to prohibit them. This week, Kalshi also sued Iowa. Meanwhile, Michael Selig, Chairman of the Commodity Futures Trading Commission (CFTC), reiterated the CFTC's regulatory authority over prediction markets and stated that he will defend this jurisdiction in court.
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