Case 2:26-cv-00151 Document 1 Filed 02/23/26 PageID.7 Page 7 of 27
instead subject to—and unlawful under—Utah law. In addition to his statement that “you’re going to see 50 states suing these guys in one way or another” last week, the Governor made two social media posts on his official X account suggesting legal action was forthcoming. In the first post, which was a response to a video of CFTC Chairman Mike Selig stating that the CFTC will “defend its exclusive jurisdiction over [] derivatives markets,” the Utah Governor wrote that he will use “every resource within [his] disposal as governor of the sovereign state of Utah” to challenge the CFTC’s position. Ex. 1. 15. The second post shared an article titled “Gov. Cox vows fight to keep prediction markets out of Utah,” and the Utah Governor added that “We’re ready to defend our laws in court.” Ex. 2. And then yesterday, Defendant Brown published the above-referenced op-ed. 16. Defendant Brown has targeted Kalshi’s contracts elsewhere too. In his official capacity as Utah’s Attorney General and on behalf of the State of Utah, Defendant Brown signed multiple amicus briefs that claim Kalshi is violating comparable state laws by offering sports event contracts. See generally Brief of Amici Curiae, KalshiEX LLC v. Flaherty , No. 25-1922 (3d Cir. June 17, 2025), Dkt. No. 29 (“June Amicus”); Brief of Amici Curiae, KalshiEX LLC v. Martin , No. 25-1892 (4th Cir. Dec. 22, 2025), Dkt. No. 41-1 (“December Amicus”); Brief of Amici Curiae, KalshiEX LLC v. Hendrick , No. 25-7516 (9th Cir. Jan. 30, 2026), Dkt. No. 48.1 (“January Amicus”). Those amicus briefs argue that states, not the CFTC, have the sole power to regulate Kalshi’s sports event contracts. Id . And although those cases were focused particularly on Kalshi’s sports event contracts, the positions advanced by the amicus briefs (as well as Defendants’ public statements) could apply to all of Kalshi’s contracts. CFTC Amicus Br. at 2-3. 17–18, 28– 29 (explaining arguments advanced by states in attempts to regulate sports event contracts apply beyond sports events, and this conduct improperly usurps the CFTC’s exclusive authority given to
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