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A growing conflict between state and federal regulators over prediction markets has intensified, with Utah poised to become the latest state to block platforms like Kalshi and Polymarket. The dispute centers on whether these platforms, which allow users to wager on real-world events, are governed by federal derivatives law or state gambling statutes.
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Utah’s Legislation Targets “Proposition Betting”
On February 27, the Utah Senate passed HB243 (Gambling Revisions), following its approval in the House on February 10. The bill now awaits Governor Spencer Cox’s signature, which he has indicated he will provide.
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