KALSHI SUED FOR $36B, NEW YORK INVESTIGATES POLYMARKET – CRYPTO PREDICTION MARKETS IN CROSSHAIRS

$BTC ‌
The prediction market sector is facing its biggest regulatory crackdown yet.

The New York lawsuits: The New York City Council has launched investigations into Kalshi and Polymarket over alleged deceptive marketing targeting young users and claims involving "fake bets and fake profits" promotional videos .

The New York Attorney General has sued Kalshi, seeking at least $36 billion in penalties and disgorgement for allegedly operating illegal gambling activities .

The CFTC's move: The CFTC issued new guidance warning that platform incentive programs could facilitate wash trading and market manipulation . However, the CFTC also ordered Kalshi to continue operating on an emergency basis, citing the potential systemic risks that forced Bitcoin position liquidations could create .

What it means: Short-term regulatory pressure may constrain user acquisition, but medium-term clarity could push prediction markets toward more compliant growth.

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