U.S. State of Wisconsin Sues Kalshi and Others, Alleging Prediction Markets Constitute Unlicensed Gambling

Odaily Planet Daily News Wisconsin Attorney General Josh Kaul has sued Kalshi, Coinbase, Polymarket, Robinhood, and Crypto.com, alleging that the prediction markets they offer are essentially unlicensed gambling activities.

The lawsuit alleges that the marketing methods of the aforementioned platforms and the pricing structure of their event contracts meet the legal definition of gambling under state law. This case further intensifies the conflict between state-level regulation and the federal jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC). (CoinDesk)