Kalshi plans appeal after Utah judge backs state gambling enforcement powers
Kalshi is heading toward an appeal after a federal judge in Utah ruled that the Commodity Exchange Act does not… Continue reading Kalshi plans appeal after Utah judge backs state gambling enforcement powers The post Kalshi plans appeal after Utah judge backs state gambling enforcement powers appeared first on ReadWrite .
A federal judge in Utah ruled in favor of state gambling laws, dismissing prediction-market company Kalshi's bid for a preliminary injunction. U.S. District Judge Robert J. Shelby, on August 4, found that the Commodity Exchange Act does not prevent Utah from enforcing its anti-gambling statutes against Kalshi's sports contracts.
The company plans to appeal the decision to the Tenth Circuit, where it will join appeals in seven of the 13 federal judicial circuits. The dispute arose after Utah officials criticized prediction markets, leading Kalshi to sue on February 23, arguing that the Commodity Futures Trading Commission's jurisdiction over federally regulated markets should override Utah's gambling laws.
Judge Shelby disagreed, stating that the CEA does not preempt Utah's enforcement authority. The ruling has already been cited by New York's Attorney General's Office in opposing the CFTC's motion for a preliminary injunction.
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