Tennessee targets Kalshi, Polymarket, and Crypto.com over sports betting
Crypto Briefing
Tennessee regulators issued cease-and-desist orders to Kalshi, Polymarket, and Crypto.com for offering unauthorized sports betting contracts.Summary
The Tennessee Sports Wagering Council (SWC) has issued formal cease-and-desist orders to Kalshi, Polymarket, and Crypto.com, demanding they immediately stop offering sports-related contracts to Tennessee users. Regulators argue that allowing users to risk money on sporting event outcomes constitutes sports wagering, requiring a state license and tax compliance, which these platforms lack. The state has mandated that the companies cease offerings, cancel pending contracts, and issue user refunds by January 31, warning of potential fines and lawsuits for non-compliance. Kalshi and Polymarket operate as CFTC-regulated prediction markets, while Crypto.com also offers similar features.
(Source：Crypto Briefing)