New York sues Polymarket over illegal gambling claims
New York state officials filed a lawsuit against Polymarket today alleging the company operates an unlicensed gambling business.
State officials seek court order
Attorney General Letitia James and Governor Kathy Hochul announced the legal action. They are requesting a court order to stop Polymarket from operating in New York state. This follows similar lawsuits against Kalshi, Coinbase Financial Markets, and Gemini Titan filed earlier this year.
Regulatory jurisdiction remains disputed
The US Commodity Futures Trading Commission has intervened by counter-suing some states regarding their efforts to regulate these markets. The federal agency claims it should be the sole regulator for prediction markets. Courts have not yet reached a final decision on who holds regulatory authority.
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