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

What Happened

Wisconsin's attorney general filed lawsuits against Kalshi, Coinbase, Polymarket, Robinhood, and Crypto.com, alleging prediction markets are unlicensed gambling venues disguised as financial instruments. The state argues event contracts constitute wagers under gambling law rather than CFTC-regulated commodities, raising fundamental questions about regulatory jurisdiction across states.

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