Allegations of unlicensed gambling operations linked to prediction market platforms involving Coinbase and political figures.
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Updated sep 24
The latest in this situation
How it started
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What happened
Allegations of unlicensed gambling operations linked to prediction market platforms involving Coinbase and political figures.
Who's involved
What this event is mainly aboutHow it developed
Newest first. Tap a step to see who reported it.- Prediction market platforms Polymarket and Kalshi are facing lawsuits and accusations of running illegal gambling operations.Sub-event
- Chicago leaders propose an ordinance to regulate insider betting markets, targeting market use.Sub-event
- Indonesia blocked access to Polymarket due to online gambling laws, targeting bets on Prabowo Subianto's presidential tenure.Sub-event
- A lawsuit was filed in New York regarding prediction market platform activities, involving market oversight criticism from Donald Trump and entities like Coinbase and Gemini.Sub-event
Prediction markets face scrutiny over unlicensed gambling operations and need federal oversight.1 source
State authorities in AZ, MN, IL, and NY sue markets for unlicensed gambling operations.1 source
NY AG sued over prediction markets; Trump supports market growth vs. state regulation.1 source
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The entities involved
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Polymarket
online prediction solicitation and aggregation engine
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Bitcoin
digital cash system and associated currency
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Coinbase
American company that operates a cryptocurrency exchange platform
Related events
- Coinbase is suspected of violating election gambling laws, according to a criminal investigation.
- Coinbase partnered with Kalshi to enter the prediction markets space, though Taiwan subsequently ordered a block due to illegal betting.
- The crypto market is experiencing a rally, boosting related stocks as major firms like BlackRock remain involved in Bitcoin funds under SEC oversight.