Utah has filed 14 criminal charges against prediction-market company Kalshi and its chief executive, Tarek Mansour, and chief operating officer, Luana Lopes Lara. Twelve counts accuse them of illegally promoting online gambling under state law. The case escalates Utah’s existing legal challenge to Kalshi and adds to a growing clash between states and prediction-market operators over whether event-based contracts are gambling or federally regulated financial products.
Several states, including New York, Nevada, New Mexico, Washington, and Connecticut, have taken legal action against Kalshi, while New York and Kentucky have also sued Polymarket. Arizona filed the first criminal case against Kalshi in March, but a federal judge later blocked it. The Commodity Futures Trading Commission argues it has exclusive authority over prediction markets, though federal appeals courts have issued conflicting rulings: two rejected platforms’ efforts to avoid state oversight, while the Third Circuit found the CFTC has exclusive authority in New Jersey. New Jersey has asked the Supreme Court to review that decision. Kalshi called Utah’s charges an excessive overreach and said it expects to defeat them in court, as it did in Arizona.
Summary generated by AI from the linked article. hn.today is not affiliated with Hacker News or Y Combinator.
Two high-speed trains collided near Wenzhou, China, on July 23, 2011, after a railway signal failure. The crash killed 40 people and injured more than 192, and four cars fell from a bridge into the Ou River. (en.wikipedia.org)
A study of 1,584 data centers found that openings were associated with an average of 1,000 to 1,300 new jobs in their counties. Although each facility employs only a few dozen people directly, local job growth was modest overall. (theconversation.com)
Several universities in Jiangsu are gradually shifting permanent staff salaries to digital yuan wallets, following pilots in other Chinese cities. Staff can transfer funds instantly and without fees to bank accounts, while eligible wallet balances earn interest and receive deposit insurance protection. (chinascope.org)
California High-Speed Rail Authority chief Ian Choudri resigned after a state report found the agency misused nearly $600,000 for consultant travel. The project remains years behind schedule, with only 119 miles of its planned 500-mile route under construction and costs far above estimates. (nytimes.com)
California’s Prop 40 would impose a one-time 5 percent tax on billionaires’ assets to fund healthcare, food assistance, and education. The fight over the measure highlights how billionaire spending can challenge voters’ power and democracy. (thenation.com)
Netanyahu’s Likud party claimed Israel’s election was stolen by foreign entities after Arab parties’ strong showing blocked his bloc from securing a majority, but offered no evidence. Israel’s election commissioner ordered the Shin Bet to investigate allegations of foreign funding, while Arab party leaders denied wrongdoing. (ft.com)
Today's best Hacker News stories, summarized and screenshotted, one email a day.