Wisconsin joins prediction market fight, suing Kalshi, Coinbase, Polymarket, Robinhood and Crypto.com

The state's complaint highlights language used by prediction market platforms as language for gambling, not investing. What to know : Wisconsin has sued Kalshi, Coinbase, Polymarket, Robinhood and Crypto.com, arguing their prediction markets function as unlicensed gambling operations rather than financial platforms. The state’s complaints say “event contracts” are wagers under Wisconsin law, citing sports-related markets, fee structures and the companies’ own marketing that describes the services as betting. The cases deepen a growing clash between states and the CFTC over whether prediction markets are federally regulated financial instruments or state-regulated gambling, a dispute likely to reach the Supreme Court.(Coindesk)