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CFTC Sues Wisconsin Over Prediction Market Jurisdiction
The CFTC sued Wisconsin after the state targeted five CFTC-regulated prediction market operators. The operators are Kalshi, Polymarket, Crypto.com, Robinhood, and Coinbase. The CFTC and the U.S. Department of Justice’s Civil Division filed the complaint in Wisconsin federal court. The agency said federal law gives it exclusive jurisdiction over these event contracts, while Wisconsin had argued that sports contracts require a state gambling license.