Massachusetts | Crypto

Polymarket is challenging Massachusetts in federal court, arguing that states lack the authority to regulate CFTC-approved prediction markets. Polymarket has filed a federal lawsuit against the state of Massachusetts, arguing that Congress granted the Commodity Futures Trading Commission (CFTC) exclusive authority over event contracts, preventing states from independently shutting down federally regulated prediction markets. Neal Kumar, Polymarket’s chief legal officer, confirmed the lawsuit on Monday, saying the dispute involves national markets and unresolved legal questions that must be addressed at the federal, not state, level. “Racing to state court to try to shut down Polymarket US and other prediction markets doesn’t change federal law — and states like MA and NV that have done so will miss an amazing opportunity to help build markets for tomorrow,” Kumar said, referring to Massachusetts and Nevada.  Read more

The prediction market platform Kalshi will be preliminarily ordered by a superior court justice in Massachusetts to halt its online sports business there.

The preliminary injunction against the prediction markets platform reportedly came at the request of Massachusetts Attorney General Andrea Joy Campbell. Prediction markets platform Kalshi could face legal complications operating in the US state of Massachusetts after a judge reportedly ruled that residents could not use the website for sports betting. According to a Tuesday Reuters report, Suffolk County Superior Court Judge Christopher Barry-Smith said he would issue a preliminary injunction against Kalshi prohibiting the platform from offering sports betting for residents without the required gaming license.  The ruling followed Massachusetts Attorney General Andrea Joy Campbell filing a lawsuit against Kalshi in September, alleging that the platform offered “illegal and unsafe sports wagering.” According to Reuters, Tuesday’s injunction came at Campbell’s request. Read more

In comments to Cointelegraph, Kalshi claimed that Massachusetts is “trying to block Kashi’s innovations by relying on outdated laws." Prediction market platform Kalshi has vowed to fight a new lawsuit from the US state of Massachusetts, which accuses the company of offering unlicensed sports betting to residents. “We are proud to be the company that has pioneered this technology and stand ready to defend it once again in a court of law,” a spokesperson for Kalshi told Cointelegraph on Friday. “Prediction markets are a critical innovation of the 21st century, and all Americans should be able to access them,” Kalshi added.  Read more