Utah Targets Kalshi and Susquehanna as Prediction-Market Fight Expands to Institutional Market Makers
Utah has escalated the legal battle over prediction markets by suing Kalshi and two Susquehanna entities, expanding the state-versus-federal regulatory dispute beyond the exchange itself and into the institutional firms that provide liquidity to event-contract markets. The verified complaint filed by Attorney General Derek Brown names five Kalshi entities along with Susquehanna International Group and Susquehanna Government Products, seeking injunctive relief, monetary recovery and other remedies under Utah law. The most significant feature is not simply another state challenge to Kalshi, but Utah’s argument that an institutional market maker taking the opposite side of customer event contracts can itself become part of an allegedly unlawful gambling operation.
By Katharos Intelligence Editorial Team
Source: Katharos Intelligence
· 4 min
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