Kalshi Co-Founder Says Arizona Criminal Charges ‘Total Overstep’

Kalshi Inc. co-founder Tarek Mansour vowed to fight criminal charges against the prediction market exchange, calling Arizona’s recent move a “total overstep” as legal battles with states escalate beyond civil enforcement.

Arizona’s attorney general on Tuesday charged Kalshi with operating an illegal gambling business. While state officials have taken steps to crack down on prediction markets, Arizona appears to be the first state to escalate to criminal charges.

“These charges have nothing to do with gambling or the merits. If it was about gambling or the merits, they would let the judicial process run its course ...