U.S. Wisconsin Sues Kalshi and Other Platforms, Alleging Prediction Markets Constitute Unlicensed Gambling

Odaily Planet Daily News, Wisconsin Attorney General Josh Kaul has sued Kalshi, Coinbase, Polymarket, Robinhood, and Crypto.com, accusing them of offering prediction markets that are essentially unlicensed gambling activities.

The lawsuit alleges that the marketing methods and pricing structures of event contracts on these 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 Commodity Futures Trading Commission (CFTC). (CoinDesk)