[Utah Proposes Ban on Prediction Market Platforms, Kalshi Files Lawsuit] Utah's HB243 bill has been submitted to the governor for signing, defining 'proposition betting' as gambling and aiming to ban prediction market platforms like Kalshi and Polymarket from operating in the state. Governor Spencer Cox has stated he will sign the bill. Kalshi has filed lawsuits against Utah and Iowa, arguing that its event contracts are federally regulated derivatives and that states have no authority to prohibit them. CFTC Chairman Michael Selig emphasized that the CFTC has exclusive regulatory authority over prediction markets, stating, 'Anyone who challenges this, see you in court.'