The jurisdiction fight over event contracts has turned personal. Speaking at the Cantor Convergence conference, CFTC Chair Michael Selig called state suits against prediction market platforms "really egregious", saying states are bringing criminal charges to "lock up founders and CEOs" of companies offering lawful products under a federal regime.

The CFTC is fighting roughly a dozen states and cities over whether contracts on Kalshi, Polymarket and similar platforms are illegal gambling. On Thursday, the Justice Department and the CFTC sued Arkansas Attorney General Tim Griffin to block his action against Kalshi, while Louisiana filed a lawsuit targeting Kalshi, Polymarket, Robinhood and Coinbase.

Selig wants the dispute taken to the Supreme Court instead of being fought state by state, to settle the CFTC's claim of exclusive jurisdiction over prediction markets.

Until a ruling arrives, platforms and their executives remain exposed to parallel state enforcement, including criminal cases such as the Utah charges against Kalshi and its co-founders.