New York Attorney General Letitia James is suing prediction market platform Polymarket for allegedly offering sporting event contracts in violation of state gambling laws. The lawsuit follows similar actions against Kalshi in July and against Coinbase and Gemini prediction market platforms in April. New York authorities could seek to block the platform for state residents. The case highlights a jurisdictional dispute between US state authorities and federal agencies, particularly the CFTC, which claims exclusive authority over these companies. The US Supreme Court must decide whether to hear arguments on the matter.
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