A Nevada court ordered blockchain-based prediction market Polymarket to halt operations temporarily, escalating a jurisdictional clash between the state government and the U.S. Commodity Futures Trading Commission (CFTC), Cointelegraph reported on Monday.
The decision followed claims that Polymarket tried to evade state gambling regulation. The court found the Nevada Gaming Control Board can issue a 14-day temporary restraining order. Polymarket argued it falls under the CFTC's jurisdiction, but the court found the state can apply its own gambling laws.
The move comes as the Tennessee Sports Wagering Council recently took similar action, drawing attention to how it may affect regulation of prediction markets.
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Chi-gyu Hwang
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