Kalshi and its co-founders face felony charges for violating Utah gambling laws

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Kalshi, a prediction market platform, is facing felony charges in Utah for allegedly violating state gambling laws. A US District Court ruled that federal law does not preempt Utah's ability to enforce its anti-gambling statutes, denying Kalshi's motion for an injunction. The company is appealing this decision, but an emergency motion for an injunction pending appeal was also denied.