Finst

CFTC acts against crypto gambling platforms

Crypto gambling platforms are a thorn in the CFTC's side.

By Mike Hesp
• 1 min read
CFTC acts against crypto gambling platforms

Crypto gambling platforms are a thorn in the CFTC's side. With the U.S. election approaching, the authority is now taking action against these platforms.

CFTC continues its actions against crypto gambling platforms in the US continues. In court, the agency is trying to prevent betting on the US election, spearheaded by the platform Kalshi. Litigation between the two parties has been ongoing for a year. The CFTC argues that Kalshi has violated the applicable laws of the Commodity Exchange Act. This law effectively prohibits betting on political events.

Kalshi defends, arguing that the platform is structured to meet the requirements. Initially, the platform was vindicated by the court. Judge Jia Cobb judged that the CFTC had exceeded its authority. However, the authority has now appealed, taking the legal dispute to the next stage. A decision expected. A few days ago, the CFTC was in the news.

The authority announced that it was looking into one of the largest crypto betting providers, Polymarket, more closely. It is currently investigating whether the platform violated licensing requirements.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.