Courts move slow, especially when the party being targeted has a lot of money. Them allowing Kalshi to operate isn't an endorsement, it just means they don't see what Kalshi is doing as a significant harm. The injunction to stop them from operating in Utah is still winding it's way through appeals.
Whether or not what they are doing is legal is not determined until they either settle, Utah drops the case, or the trail and appeals process determines that they are not guilty.
Obviously not. You know how you can tell? Police will stop you from doing it.
"Kalshi and its co-founders face felony charges" would seem to describe that process, yes? The same first step a fentanyl dealer would encounter?
Swap out "selling fentanyl" for widely tolerated but often still illegal jaywalking if you like.
I don't think your fentanyl dealer will receive the same treatment. They aren't even taking away the "drugs" from Kalshi.
Police will stop you from recording them, is that illegal?
Cops don't show up for civil offenses and most criminal offenses (particularly white collar offenses). Cops are also notoriously bad at understanding the law. Funnily, an illegal arrest is a good example of where the cops don't show up to arrest someone for breaking the law.
You are using faulty logic to determine what is and isn't legal.