Kalshi and its two co-founders face 14 criminal charges in Utah, 13 of which are felonies

Odaily — The Utah Attorney General's Office on Wednesday local time filed criminal charges against prediction market platform Kalshi and its co-founders Tarek Mansour and Luana Lopes Lara, totaling 14 counts, including 1 second-degree felony, 12 third-degree felonies, and 1 Class A misdemeanor. The charges allege that an undercover agent, after confirming they were located in Utah, placed bets on 12 sporting events through Kalshi. Kalshi responded by calling the move "a gross overreach, and Utah is clearly playing politics," and said it will defend itself in court. Previously, the U.S. CFTC filed a lawsuit against Utah on Monday, arguing that federal law has exclusive jurisdiction over event contracts.