The crypto-based prediction market Polymarket goes to battle in opposition to the state of Massachusetts.
Polymarket’s chief authorized officer, Neal Kumar, says the agency has filed a federal lawsuit in opposition to the state, highlighting jurisdictional questions on occasion contracts.
“Congress gave the CFTC, not states, unique authority over occasion contracts. These are nationwide markets with essential questions that should be resolved in federal courtroom.
Racing to state courtroom to attempt to shut down Polymarket US and different prediction markets doesn’t change federal regulation — and states like MA and NV which have executed so will miss a tremendous alternative to assist construct markets for tomorrow.”
Final September, Massachusetts filed a grievance in opposition to considered one of Polymarket’s rivals, Kalshi, arguing that the agency was working in violation of the state’s sports activities wagering legal guidelines. Kalshi tried to dismiss the state’s preliminary injunction, however a decide swatted down the agency’s argument final month.
In Polymarket’s new lawsuit, the agency says it “seeks to stop imminent and irreparable hurt arising from Massachusetts’s enforcement of state playing legal guidelines in opposition to federally regulated derivatives exchanges—enforcement Congress has expressly prohibited.”
Polymarket’s Massachusetts submitting follows the same motion in Nevada final week, after a state courtroom ordered the agency to halt operations.
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