#FinTech

Prediction Markets Under Fire: Arizona Files Historic Criminal Charges Against Kalshi as State-Federal Conflict Peak

Arizona has filed historic criminal charges against the prediction market Kalshi, labeling it an 'illegal gambling business.' This case sets up a massive legal showdown over federal preemption vs. state power. A defeat for Kalshi could cripple the US prediction market industry, potentially driving users toward offshore, unregulated platforms.

Leo·Mar 18, 2026