Tennessee | Crypto

US Federal Judge Aleta Trauger granted Kalshi a preliminary injunction against Tennessee, finding its sports event contracts fall under CFTC jurisdiction. A US federal judge in Tennessee temporarily blocked the state from enforcing its gambling laws against prediction markets operator Kalshi’s sports event contracts.  The ruling, issued by Judge Aleta Trauger of the US District Court for the Middle District of Tennessee on Thursday, allows Kalshi to continue offering sports-related event contracts to users in the state while its lawsuit against Tennessee regulators proceeds. Trauger found that Kalshi is likely to succeed on the merits of its claim that federal commodities law preempts Tennessee’s attempt to regulate its sports markets as illegal gambling.  Read more

An ordinance to amend the city’s zoning laws laid out guidelines for where a crypto miner could operate in the area and how loud the operation could be. The Board of Mayor and Aldermen in Kingsport, Tennessee approved changes to the city’s zoning rules that could pave the way for cryptocurrency mining companies and data centers to operate locally. In a Tuesday meeting, the board unanimously approved on first reading an ordinance to amend the land zoning related to data centers and cryptocurrency mining sites, according to local reports. The ordinance sets guidelines on where those facilities could be located within the city. Its approval followed a recommendation from Kingsport’s planning division in December and requires a second vote before the amendment is formally adopted. Read more

Tennessee regulator warned that failure to comply could trigger steep fines, court injunctions and potential law enforcement referrals for for further investigation. Tennessee’s sports betting regulator has ordered prediction market platforms Kalshi, Polymarket and Crypto.com to halt the offering of sports event contracts to residents of the state. In cease-and-desist letters dated Friday, the Tennessee Sports Wagering Council (SWC) accused all three platforms of illegally offering sports wagering products without holding a license issued under the Tennessee Sports Gaming Act, according to copies of the letters published on X by sports betting attorney Daniel Wallach. The SWC said the sports event contracts listed on Kalshi, Polymarket and Crypto.com’s North American Derivatives Exchange allow users to wager money on the outcome of sporting events, a practice Tennessee law reserves exclusively for licensed sportsbooks. The regulator argued that packaging the products as “event contracts” does not exempt them ...

Bitcoin miner CleanSpark has reportedly received approval to build a new mining facility in Mountain City, Tennessee, local media outlet WCYB reported on July 2. According to the report, the Mountain City Board of Mayor and Aldermen approved the mine’s development after a 3-1 vote to rezone the targeted 50-acre site. The land will shift […] The post CleanSpark’s Tennessee expansion boosts stock 11% amid local unrest appeared first on CryptoSlate.