Utah Attorney General Derek Brown filed criminal charges against Kalshi, chief executive Tarek Mansour and chief operating officer Luana Lopes Lara on October 28. The platform and its executives face 14 charges, including 13 felonies, mainly over the promotion of online gambling and participation in an illegal enterprise. The investigation centers on 12 sports bets placed by an undercover agent from Utah, totaling $114.87 in stakes and resulting in a $25.10 loss. Kalshi is contesting the charges by citing its federal designation as a derivatives market, while the CFTC says Utah is encroaching on its exclusive jurisdiction and has initiated proceedings against nine other states.
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