Wisconsin Sues Kalshi, Coinbase, Polymarket, Robinhood, and Crypto.com Over Prediction Markets

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Wisconsin Attorney General Josh Kaul sued Kalshi, Coinbase, Polymarket, Robinhood, and Crypto.com, alleging their event contracts amount to unlicensed gambling. The lawsuit says the platforms’ marketing methods and pricing structures meet Wisconsin’s legal definition of gambling. The case adds to the conflict between state oversight and the Commodity Futures Trading Commission’s jurisdiction over prediction markets.

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