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The U.S. state of Wisconsin sues platforms such as Kalshi, claiming that prediction markets are unlicensed gambling
Odaily Planet Daily News reports that Wisconsin Attorney General Josh Kaul has sued Kalshi, Coinbase, Polymarket, Robinhood, and Crypto.com, alleging that their prediction markets are essentially unlicensed gambling activities.
The complaint states that the marketing methods and event contract pricing structures of the aforementioned platforms meet the state’s legal definition of gambling. This case further intensifies the conflict between state-level regulation and the federal jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC). (CoinDesk)