Kalshi Loses Utah Court Bid, Clearing Way for State to Enforce Anti-Gambling Laws
CoinGape
A federal court denied Kalshi's emergency appeal, allowing Utah to enforce its anti-gambling laws against the prediction market platform.Summary
Prediction market platform Kalshi has suffered a legal setback after the 10th Circuit Court of Appeals denied its motion for an emergency injunction pending appeal. This ruling clears the way for the state of Utah to enforce its anti-gambling laws against Kalshi, reaffirming a lower court's decision that the state's laws apply to Kalshi's sports betting contracts. The decision is part of a broader trend where states have won 12 consecutive federal court rulings against prediction market platforms, which argue that sports contracts are federally regulated swaps under the CFTC's jurisdiction. While the U.S. Supreme Court may eventually review the issue, current market bets indicate low odds of immediate acceptance.
(Source：CoinGape)