Utah Sues Kalshi and Two Susquehanna-Affiliated Trading Firms

October 21 – According to the Salt Lake Tribune and Crypto Briefing, Utah Attorney General Derek Brown has sued prediction market platform Kalshi and two Susquehanna-affiliated trading firms in the state's Third District Court, alleging that they continued offering sports and event contracts to local residents even after a federal court confirmed Utah's authority to enforce its gambling ban, with market makers helping to sustain the related trading. The lawsuit seeks to bar residents from accessing the contracts, compensate residents for losses, recover ill-gotten gains, and asks the court to find that the platforms constitute a public nuisance. Utah estimates that the fees Kalshi collected from accounts in the state range between $30.6 million and $61.2 million, and that more than 32,000 Kalshi accounts are registered under Utah residents.