Wisconsin | Crypto

The US Commodity Futures Trading Commission has sued Wisconsin in the agency’s fifth lawsuit against a US state to assert jurisdiction over prediction markets. The US Commodity Futures Trading Commission on Tuesday sued the state of Wisconsin in the agency’s latest effort to assert jurisdiction over prediction markets after the state sued multiple platforms. The CFTC said in a statement that it filed the lawsuit against Wisconsin “in response to the state’s lawsuits against Kalshi, Polymarket, Crypto.com, Robinhood, and Coinbase, five CFTC-regulated prediction markets.” “States cannot circumvent the clear directive of Congress,” CFTC Chairman Michael Selig said. “Our message to Wisconsin is the same as to New York, Arizona, and others: if you interfere with the operation of federal law in regulating financial markets, we will sue you.” Read more

The U.S. Commodity Futures Trading Commission added Wisconsin to the list of states it's sued over event-contract jurisdiction, most recently New York.

Wisconsin’s lawsuit against Kalshi, Robinhood, Coinbase, Polymarket and Crypto.com deepens the battle between state gambling enforcers and federal regulators over sports prediction markets. Wisconsin’s top law enforcement official has sued a group of fintech and crypto platforms, including Kalshi, Robinhood, Coinbase, Polymarket and Crypto.com, accusing them of facilitating illegal sports betting by offering “event contracts,” according to complaints filed April 23 in Dane County. Attorney General Josh Kaul is seeking preliminary and permanent injunctions to block the companies from offering sports-related markets to customers in Wisconsin and to have a court declare the operations unlawful under state gambling law and a public nuisance. The case adds to a growing clash between state gambling laws and federally regulated prediction markets, as regulators and courts across the United States debate whether event contracts are financial instruments or illegal wagers. Read more

Abu Dhabi sovereign wealth fund Mubadala raised its exposure to Bitcoin (BTC) during the first quarter, purchasing 491,000 shares of BlackRock’s iShares Bitcoin Trust (IBIT), according to its latest Form 13-F filing. Mubadala held 8,726,972 shares of IBIT as of March 31, up 6% from the previous quarter and worth approximately $408.5 million at the […] The post Abu Dhabi sovereign wealth fund Mubadala expands Bitcoin exposure via IBIT while Wisconsin fund exits crypto ETF appeared first on CryptoSlate.