Utah files criminal charges against prediction market Kalshi and company co-founders
Summary
Utah filed felony charges against Kalshi and co-founders Tarek Mansour and Luana Lopes Lara, accusing them of violating state gambling laws. Kalshi says the charges overreach and plans to challenge them in court; the case adds to a wider dispute over whether states or the federal government regulate prediction markets.Key Facts
- Utah filed 13 counts of violating its gambling prohibition and one count related to profiting from illegal activity.
- The charging documents name Kalshi, CEO Tarek Mansour, and COO Luana Lopes Lara.
- Utah Attorney General Derek Brown said Kalshi continued operating in the state after a federal court ruled Utah gambling laws applied to the company.
- The attorney general’s office had not said what criminal penalties it would seek; the felony charges could carry jail time.
- Kalshi called the charges an overreach and said it would contest them in court.
- Kalshi argues prediction markets fall under federal jurisdiction and are not subject to state gambling laws.
- Litigation over prediction markets has spread across roughly 20 states, and the article says the dispute may ultimately reach the U.S. Supreme Court.
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