Kalshi loses bid for emergency relief in Utah appeal over prediction market oversight

Utah authorities can enforce gambling-related laws against U.S. prediction market platform Kalshi after an emergency injunction request filed during the company’s appeal was denied, CoinGape reported. Legal expert Daniel Wallach said on X that the U.S. Court of Appeals for the 10th Circuit denied Kalshi’s request for an injunction pending appeal. Wallach said Kalshi had asked the court to block Utah from pursuing civil or criminal action against the company while the appeal moves forward. Kalshi argues its sports event contracts qualify as swaps, giving the U.S. Commodity Futures Trading Commission exclusive oversight, while multiple state governments maintain the products are effectively sports betting and therefore subject to state regulation.