Arizona's criminal case against Kalshi was halted by a federal judge after the Trump administration stepped in

Source: Business Insider

CFTC chairman Michael SeligCFTC via Getty ImagesKalshi says it's a financial market, but Arizona prosecutors say it's arranging illegal sports bets. A Trump-appointed regulator says Kalshi's sports bets are legally swaps and states need to back off. On Friday, a judge sided with the federal government, putting Arizona's criminal case on pause.