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CFTC Sues Utah Over Gambling Crackdown
The Commodity Futures Trading Commission (CFTC) and the United States have filed a lawsuit against Utah and Attorney General Derek Brown in federal district court. The complaint challenges Utah's gambling crackdown targeting Kalshi, a prediction market, and potentially $61.2 million in trading fees. The CFTC argues that the Commodity Exchange Act (CEA) gives it exclusive authority over event contracts traded on designated contract markets, and seeks to prevent state authorities from enforcing gambling restrictions against federally regulated prediction markets.