Atlantic McKay Coppins

This much is clear: gambling is illegal in Utah. In fact, Utah and Hawaii are the only two states in the U.S. to have completely banned all forms of gambling. However, that hasn’t stopped gambling companies from operating in what they consider a legal gray area. Prediction market company Kalshi tried to settle the question earlier this year when it preemptively sued Utah, alleging that the federal government’s Commodity Futures Trading Commission has authority over the markets Kalshi runs.