TechFlow News: On March 12, according to Cointelegraph, Utah’s HB243 bill has been sent to the governor for signature. The bill defines “proposition betting” as gambling, aiming to ban prediction market platforms such as Kalshi and Polymarket from operating in the state. Governor Spencer Cox stated he will sign the bill. Kalshi promptly filed lawsuits against Utah and Iowa, arguing that its event contracts are federally regulated derivatives over which states hold no authority to prohibit. In response, CFTC Chair Michael Selig emphasized that the CFTC holds exclusive regulatory authority over prediction markets—“Challenge us, and we’ll see you in court.”
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