Oh, the absurdity of it all! Tennessee, in its infinite bureaucratic wisdom, has dispatched cease-and-desist letters to the mighty Crypto.com and the prognosticating titans Kalshi and Polymarket, demanding they cease their operations within the state. What folly! 🌪️📜
Regulatory Specters Haunt the Halls of Prediction Markets, Threatening Fines and Legal Woes! 👻💼
The Tennessee Sports Wagering Council, with quills dipped in legal ink, has proclaimed that these cryptic platforms must halt their sports event contracts, cancel pending wagers, and refund customers by the stroke of January’s end. All this, because the state’s Sports Gaming Act demands licenses they do not possess. Oh, the irony of federal approval clashing with state decree! 🤡⚖️
The letters, shared by the ever-loquacious lawyer Daniel Wallach, foretell of lawsuits on the horizon. “Lawsuits are imminent,” he declares, as if the legal winds themselves whisper doom. 🌪️📢
These companies, registered with the Commodity Futures Trading Commission (CFTC), find themselves in a legal quagmire. Tennessee, with its provincial pride, deems their sports prediction markets as “illegal gambling.” Oh, the audacity! As if predicting the future were a crime! 🔮🚔
To Kalshi, the letter proclaims:
“Your sports events contracts are Wagers under the Act and are being offered illegally in violation of Tennessee law and regulations.”
How dreary! As if the state’s laws were the only stars in the legal firmament! 🌌📛
Failure to comply, they threaten, will result in fines and the wrath of law enforcement. Oh, the drama! As if these companies were not already entangled in the web of federal regulation! 🕸️💸
All this commotion stems from the suspicious bets on the ousting of Venezuelan president Nicolás Maduro, where one mysterious entity turned $30,000 into $400,000. Ah, the whims of fortune! 🎲💰
New York’s Ritchie Torres, with 30 congressional comrades, has introduced the Public Integrity in Financial Prediction Markets Act of 2026. A noble endeavor, perhaps, but one that smells of overreach. 🦸♂️📜
Torres declares:
“The bill prohibits federal officials from trading prediction market contracts tied to government policy when they possess insider information.”
How quaint! As if insiders ever lacked ingenuity! 🤫🔍
FAQ ❓
- Why did Tennessee issue these letters?
The state’s Sports Wagering Council claims the prediction market contracts are illegal “wagers” under state law, as the firms lack sportsbook licenses. Oh, the provinciality of it all! 🏛️🚫 - How does Tennessee classify these products?
Regulators view them as unlicensed gambling, not federally regulated financial products. How narrow-minded! 🎭🎰 - What must the companies do to comply?
Halt new contracts, void existing ones, and refund customers by Jan. 31, or face the state’s wrath. What a farce! 📅💸 - Why the legal dispute?
The platforms argue federal regulation suffices, but Tennessee insists state gambling laws reign supreme. Oh, the clash of jurisdictions! ⚖️🗡️
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2026-01-12 07:58