• The Order: Connecticut’s DCP issued immediate cease-and-desist orders to Kalshi, Robinhood, and Crypto.com for operating unlicensed sportsbooks.
• The Charge: State regulators rejected the “Event Contract” classification, legally defining the products as “sports wagering” subject to state licensing.
• The Stakes: The move escalates a state-vs-federal turf war, challenging the CFTC’s authority to sanction prediction markets that mimic gambling.

The state of Connecticut in the United States has clamped down on Kalshi, Robinhood, and Crypto.com, ordering all three companies to cease betting operations within the region. 

On Wednesday, December 3, the state’s Department of Consumer Protection Gaming Division issued a cease and desist order to the three platforms conducting unlicensed online gambling, specifically sports wagering, via official letters.

Related: Kalshi …

Read The Full Article Connecticut Regulators Order Kalshi, Robinhood, and Crypto.com to Halt ‘Illegal’ Sports Betting On Coin Edition.

• The Order: Connecticut’s DCP issued immediate cease-and-desist orders to Kalshi, Robinhood, and Crypto.com for operating unlicensed sportsbooks.
• The Charge: State regulators rejected the “Event Contract” classification, legally defining the products as “sports wagering” subject to state licensing.
• The Stakes: The move escalates a state-vs-federal turf war, challenging the CFTC’s authority to sanction prediction markets that mimic gambling.

The state of Connecticut in the United States has clamped down on Kalshi, Robinhood, and Crypto.com, ordering all three companies to cease betting operations within the region. 

On Wednesday, December 3, the state’s Department of Consumer Protection Gaming Division issued a cease and desist order to the three platforms conducting unlicensed online gambling, specifically sports wagering, via official letters.

Related: Kalshi …

Read The Full Article Connecticut Regulators Order Kalshi, Robinhood, and Crypto.com to Halt ‘Illegal’ Sports Betting On Coin Edition.