Kalshi co-founder fights back against Arizona’s ‘overstep’ in what a lawyer calls a federal-state turf war

Arizona has filed 20 criminal counts against Kalshi, a prediction market platform, accusing it of operating an illegal gambling business and offering election wagering in the state. What to know : Arizona has filed 20 criminal counts against Kalshi, a prediction market platform, accusing it of operating an illegal gambling business and offering election wagering in the state. Kalshi's co-founder called the charges a "total overstep", arguing that Arizona is trying to challenge federal regulation of the platform, which is overseen by the CFTC. The case is part of a broader national fight between states and federally regulated prediction markets, with implications for the applicability of federal law versus state regulations.