Utah sues Kalshi and two Susquehanna affiliated companies

Utah Attorney General Derek Brown has sued predictive market platform Kalshi and two Susquehanna affiliated trading companies in the Third District Court of Utah, accusing them of providing sports and event contracts to local residents in violation of regulations. The lawsuit seeks to prohibit residents from accessing relevant contracts, compensate for losses, recover illegal gains, and request the court to determine that the relevant platform constitutes a public nuisance. Utah estimates that Kalshi collected transaction fees between $30.6 million and $61.2 million from accounts in the state, with over 32000 Kalshi accounts registered under Utah residents. (Source: Salt Lake City Tribune, Crypto Briefing)