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Utah Files Charges Against Kalshi, CEOs Over Trading

By Drooid · Oct 29, 2026 · How we work

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Summary

Utah filed charges against Kalshi and CEOs Tarek Mansour (CEO) and Luana Lopes Lara (CEO) on October 28, 2026.
The indictment lists one second-degree felony, twelve third-degree felonies, and a class A misdemeanor.
Kalshi allegedly earned $30.5-$61.1 million from Utah users, charging 3-cents-to-78-cents fees per trade.
The Commodity Futures Trading Commission (CFTC) sued Utah on October 27, 2026 seeking an injunction.
Experts say the dispute could reach the U.S. Supreme Court.

Summary

The NBA signed an MOU with U.S. Commodity Futures Trading Commission to share market-integrity data.
Kalshi and Polymarket were named the NBA’s preferred prediction-market platforms, gaining rights to league data.
NBA executive Scott Kaufman-Ross said the league delayed partnerships until a regulatory framework existed.
The agreements bar NBA players, coaches and staff from trading league-related prediction contracts.
Consumer data show Robinhood handles 51.8% of activity, while Kalshi accounts for 43.0%.

History

Intrade, founded in 1999 by Ron Bernstein and Sean McNamara, grew to over 80,000 U.S. users before the CFTC sued it in November 2012 and forced a shutdown in March 2013, imposing a $1.5 million penalty. The 2021 launch of Kalshi and its 2026 Utah indictment for allegedly extracting up to $61 million illustrate the CFTC’s broadened enforcement of prediction-market platforms.

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Intrade, founded in 1999 by Ron Bernstein and Sean McNamara, grew to over 80,000 U.S. users before the CFTC sued it in November 2012 and forced a shutdown in March 2013, imposing a $1.5 million penalty. The 2021 launch of Kalshi and its 2026 Utah indictment for allegedly extracting up to $61 million illustrate the CFTC’s broadened enforcement of prediction-market platforms.

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