# Kalshi News Today: Latest Update – 22 October 2026

**Author:** CoinStats AI
**Published:** October 22, 2026 at 08:22

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> **TLDR**
> • Utah sued Kalshi on 20 October, seeking restitution of up to $61.2 million.
> • Kalshi's 24-hour volume reached $80.30M at 08:19 UTC on 22 October.
> • Michigan moved to hold Kalshi in contempt; hearing set for 24 November 2026.
> • Missouri sent cease-and-desist letters to Polymarket, Kalshi, Crypto.com, Novig, Underdog and Robinhood.
> • Kalshi's Supreme Court response in Flaherty v. KalshiEx LLC is due 9 November 2026.

## Top Story

Utah's attorney general sued Kalshi on 20 October, asking a state court to stop the platform from offering sports, election, political and culture contracts to Utah residents. The complaint, filed in Utah's Third District Court, also names two Susquehanna trading firms that the state describes as market makers on the platform.

For users of [prediction markets](https://coinstats.app/prediction-markets/apps/) apps in Utah, the practical risk is access. The state alleges unlawful operation since September 2024 and seeks restitution of up to $61.2 million. It estimates Kalshi earned $30.6M to $61.2M in fees from Utah accounts. That figure is the state's estimate, not an established amount.

Kalshi said the suit "does not affect our ongoing federal litigation." A federal court ruled against Kalshi in its Utah case on 4 August, and the Tenth Circuit denied an injunction pending appeal on 8 September. The appeal is pending. Full rulings are in the [prediction market litigation tracker](https://coinstats.app/prediction-markets/legal/tracker/).

## Biggest Market Moves

| Market | Venue | Price now | 24h change | 24h volume |
| --- | --- | --- | --- | --- |
| Ohio Senate winner: Jon Husted (Republican party) | Kalshi | 28¢ | -8 pts | $386,673 |
| Texas Governor winner: Greg Abbott (Republican party) | Kalshi | 65¢ | -8 pts | $247,446 |
| Georgia Governor winner: Rick Jackson (Republican party) | Kalshi | 44¢ | -7 pts | $347,754 |
| Texas Governor winner: Gina Hinojosa (Democratic party) | Kalshi | 35¢ | +7 pts | $274,411 |
| San Francisco vs Atlanta spread: San Francisco wins by over 3.5 points | Kalshi | 42¢ | -6 pts | $362,089 |

## Volume

Kalshi recorded $80.30M in rolling 24-hour volume across open markets at 08:19 UTC on 22 October. Each of the five markets above traded between $247,446 and $386,673 over the same 24 hours.

## Regulation and Courts

### Michigan contempt motion

Michigan Attorney General Dana Nessel has moved to hold Kalshi in contempt. The motion alleges Kalshi violated a 1 September 2026 preliminary injunction by sending targeted email and social media ads for sports contracts to Michigan residents. Judge Rosemarie Aquilina of Ingham County Circuit Court has set a show-cause hearing for 24 November 2026. The motion has not been granted.

### Missouri cease-and-desist letters

Missouri Attorney General Catherine Hanaway sent cease-and-desist letters to Polymarket, Kalshi, Crypto.com, Novig, Underdog and Robinhood. The letters require suspension of sports event contracts within 30 days. Reports from 20 and 21 October do not confirm the letter date.

### Ohio warning to licensees

The Ohio Casino Control Commission warned licensees, including futures commission merchants and introducing brokers, against serving operators that offer sports event contracts in Ohio. Kalshi reportedly did not receive a cease-and-desist letter because it holds a court order.

### Supreme Court petition

In Flaherty v. KalshiEx LLC (No. 26-299), Kalshi's response is due 9 November 2026. The Supreme Court has not agreed to hear the case. Thirty-nine state attorneys general urged review on 13 October, and the NFL and tribal organizations also back review.

## Company News

Bloomberg reported on 21 October that Kalshi Prime clients can borrow against Bitcoin, Ether and GENIUS Act-compliant stablecoins held at BitGo Bank & Trust. Kalshi Katalyst issues the loans, and the proceeds fund margin for Kalshi perpetual futures. No terms had been published when the reports appeared.

Webull will offer crypto perpetual futures to eligible US customers starting in November, with Bitcoin first. The contracts list on KalshiEX LLC and clear through Kalshi Klear LLC. Initial access is limited to customers already approved for futures trading in Webull Futures accounts, and no launch day was named.

On 20 October, Kalshi asked the CFTC to approve WTIPERP, a perpetual contract tracking front-month Nymex WTI crude. Kalshi self-certified the contract on 7 October, and the CFTC has 45 to 90 days to decide. The filing is not an approval.

On 20 October, Kalshi also pitched brokers on a shared event-contract order book. Customers of different brokers would trade the same Kalshi market.

## What to Watch

- **29 October:** Proposed injunction orders due in Illinois (KalshiEx v. Raoul, N.D. Ill.).
- **9 November:** Kalshi's response due on New Jersey's Supreme Court petition.
- **18 November:** Comment deadline on the CFTC's proposed rule defining swaps, which covers event contracts.
- **24 November:** Michigan show-cause hearing on the contempt motion.
- **Undated:** Baltimore's Kalshi case is stayed until the Supreme Court acts or four months pass, whichever comes sooner.

For market-wide coverage, see [today's prediction market news](https://coinstats.app/ai/a/prediction-markets-news-today).

**Sources:**
- [Utah sues Kalshi over alleged illegal gambling, seeks up to $61.2M](https://www.yogonet.com/international/news/2026/10/21/126939-utah-sues-kalshi-over-alleged-illegal-gambling-seeks-up-to-612m)
- [Utah sues Kalshi for violating state's gambling ban](https://missoulacurrent.com/utah-sues-kalshi)
- [Utah AG lawsuit announcement](https://world.einnews.com/pr_news/951299657/utah-sues-kalshi-alleging-its-prediction-market-is-gambling)
- [Kalshi Violated Michigan Order With Targeted Ads, State Says](https://sbcamericas.com/2026/10/21/kalshi-michigan-targeted-advertising)
- [State of Missouri issues cease-and-desist orders](https://www.htx.com/news/state-of-missouri-issues-cease-and-desist-orders-to-companie-lB11v1GA/)
- [Missouri cease-and-desist orders to Polymarket and Kalshi](https://www.btcnewse.com/2026/10/missouri-cease-desist-polymarket-kalshi-regulation.html)
- [Ohio vs. prediction markets escalates](https://nexteventhorizon.substack.com/p/ohio-vs-prediction-markets-escalates)
- [Prediction market platforms ignoring Ohio's legal threats](https://ohiocapitaljournal.com/2026/10/20/prediction-market-platforms-ignoring-ohios-legal-threats)
- [Kalshi faces November deadline as states, NFL back Supreme Court review](https://www.sportsbookreview.com/news/kalshi-faces-november-deadline-as-states-nfl-back-supreme-court-review-oct-21-2026)
- [Kalshi CEO on Supreme Court review](https://journalrecord.com/2026/10/21/kalshi-prediction-markets-supreme-court-regulation)
- [Kalshi to Let Clients Use Bitcoin-Backed Loans for Leveraged Futures Trades](https://www.bloomberg.com/news/articles/2026-10-21/kalshi-to-allow-leveraged-futures-bets-with-bitcoin-backed-loans)
- [Kalshi partners with BitGo to offer crypto-backed loans for futures trading](https://cryptobriefing.com/kalshi-bitgo-crypto-backed-loans-futures)
- [Webull Puts a Date on Perpetual Futures: US Rollout Begins in November](https://www.prnewswire.com/news-releases/webull-puts-a-date-on-perpetual-futures-us-rollout-begins-in-november-302914044.html)
- [Kalshi seeks to list WTI perpetual contract](https://www.argusmedia.com/en/news-and-insights/latest-market-news/2893453-kalshi-seeks-to-list-wti-perpetual-contract)
- [Kalshi Pitches Brokers on Shared Event-Contract Order Book](https://www.tokenpost.com/news/business/35845)
- [Further Definition of Swap; Inclusions](https://www.federalregister.gov/documents/2026/10/19/2026-21377/further-definition-of-swap-inclusions)

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## Related Questions

- What exactly does Utah's $61.2 million restitution estimate include in damages?
- How might the Michigan contempt motion outcome affect Kalshi's sports contracts nationwide?
- When will Kalshi Prime clients see terms for BitGo-backed crypto margin loans?

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*This article was generated by [CoinStats AI](https://coinstats.app/ai)*