Utah sues Kalshi and Susquehanna firms over alleged illegal gambling

On October 20, Utah brought a lawsuit against Kalshi’s five companies and two trading companies that belong to Susquehanna, alleging illegal gambling and asking for restitution, injunctions and disgorgement in accordance with the complaint issued by the state . By going after companies that run the markets for Kalshi, Utah is expanding the legal battle beyond just the exchange. Why the Susquehanna defendants matter The lawsuit also involves Susquehanna International Group and Susquehanna Government Products. The state of Utah contends that the companies function as market makers and take the opposite position on trades initiated by retail consumers. This means that these companies provide their clients with pricing for the purchase and sale of contracts, allowing trading to continue and minimizing fluctuations in price.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Cryptopolitan.