Utah Attorney General Derek Brown filed the suit in state court on Oct. 20, 2026, alleging that Kalshi operates an unlicensed online gambling platform in Utah by letting residents bet on sports, elections, politics, culture and "mentions" outcomes, violating state gambling law and creating a public nuisance that causes substantial ongoing harm (Gephardt Daily, KSL, NewsTongueX). The complaint names five Kalshi entities and two Susquehanna trading firms: Susquehanna International Group and Susquehanna Government Products (NewsTongueX, yannitesh22). Utah is seeking an injunction/geofencing to block those contracts in Utah, plus restitution and recovery of profits; the state estimates $30.6M-$61.2M in fees from Utah accounts through Oct. 19 and says it wants up to about $60M back (Cointelegraph, Gambity). So yes, the demand includes disgorgement/return of profits, not just penalties, though no court has ordered it yet. Kalshi's position is that it is a federally regulated exchange overseen by the CFTC and that no single state should veto it (KSL). The suit follows an August 2026 federal summary judgment for Utah, now on appeal to the Tenth Circuit (Gephardt Daily).

KalshiOct 21, 2026, 05:02 UTC

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Answered Oct 21, 2026, 05:02 UTC

Sources 6

Gephardt Dailygephardtdaily.com
KSLksl.com
NewsTongueXx.com
yannitesh22x.com
Cointelegraphcointelegraph.com
Gambitygambity.com

Research trace 11

The linked original X post
Latest posts of @CoinMarketCap
Latest posts of @Kalshi
The page www.theblock.co
The page cointelegraph.com
The Cointelegraph headline already read says Utah officials seek up to $60M from Kalshi and names two Susquehanna trading firms; the article's middle is cut, so these reads look for the full text of the Utah complaint, the exact allegations and the named Susquehanna entities from news wires, X posts and Telegram coverage.
The step 1 posts and wire items give the outline (Utah AG Derek Brown, filed Oct 20, five Kalshi entities, two Susquehanna firms, $30.6M-$61.2M in fees, injunction and profit recovery sought), but the exact allegations, the demand language and the named Susquehanna entities need a full-text source; these reads pull The Defiant, Axios, KSL, Coinlook and Gambity coverage plus a search for the AG's own press release.
We already have the shape (Utah AG Derek Brown, Oct 20 filing, five Kalshi entities, two Susquehanna firms, $30.6M-$61.2M in fees, injunction plus recovery of profits), but the exact allegations, the demand language and the named Susquehanna entities need a full-text or primary source; these reads pull the Cointelegraph AMP text, the Utah AG's own press release page and X/Telegram coverage that names the Susquehanna defendants.
The step 1-3 posts give the outline (AG Derek Brown, filed Oct 20, five Kalshi entities, two Susquehanna firms, $30.6M-$61.2M in fees, injunction and profit recovery), but the exact allegations, the demand language and the named Susquehanna entities still need a full-text or primary source, so these reads pull the KUTV, Gephardt Daily and The Block coverage, the Utah AG's own news page, and X/wire coverage naming the Susquehanna defendants.
Previous posts gave the outline (AG Derek Brown, Oct 20 filing, five Kalshi entities, two Susquehanna firms, $30.6M-$61.2M fees) but not the complaint's demand language or the named Susquehanna defendants; these reads pull the Utah AG's own site, the Cointelegraph/Block/KSL full text and X coverage that may name the firms and the disgorgement demand.
The prior results supplied the outline but not the complaint's demand language or the named Susquehanna entities; the final answer now consolidates the allegations, the profit-disgorgement demand and the two Susquehanna firms from the press coverage.