Kalshi sued Utah in February, asking a federal judge to prevent the state from enforcing its gambling restrictions on the platform. The company maintains that prediction markets fall exclusively under federal jurisdiction and are not governed by a patchwork of state gambling laws. The Commodity Futures Trading Commission, the federal agency responsible for regulating financial markets, agrees and has defended prediction markets in court. The Trump Administration has been supportive of prediction markets, which allow anyone with a smartphone to wager on just about anything. Prediction markets are “causing tremendous harm to countless American families,” Cox said in celebrating the ruling.