[CoinDesk] The pile of lawsuits against Kalshi just grew by one

Arkansas filed suit against Kalshi, alleging the prediction market operates illegal gambling, adding to a growing set of state actions that already includes Utah and other criminal or civil cases. The suit escalates the state-by-state legal pressure on Kalshi’s event-contract model, which regulators argue functions as wagering rather than regulated derivatives. The outcome matters because adverse rulings could force Kalshi to restrict or restructure offerings in individual states, fragmenting its national market. Watch for how courts weigh federal derivatives oversight against state gambling laws, and whether more states follow Arkansas, Utah and the earlier filers.