New York sues prediction market Polymarket, calling it an unlicensed gambling operation that puts residents at risk
Prediction market platforms have argued states do not have the authority to govern them because they are already regulated at the federal level by the U.S. Commodity Futures Trading Commission.
New York has filed a lawsuit against the prediction market platform Polymarket, accusing it of operating as an unlicensed gambling operation in the state. The lawsuit seeks to block Polymarket from conducting business in New York and to seek fines and restitution for users. The state argues that prediction market platforms, like Polymarket, are subject to state regulation despite being regulated federally by the U.S. Commodity Futures Trading Commission.
New York officials claim that Polymarket's unlicensed operation poses risks to residents, particularly minors. Polymarket's Chief Legal Officer, Neal Kumar, stated that the company will fight the lawsuit.
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- New York sues prediction market Polymarket, calling it an unlicensed gambling operation winnipegfreepress.com
