New York Sues Polymarket Over Illegal Gambling

New York Attorney General Letitia James and Governor Kathy Hochul sued Polymarket's domestic branch, seeking to stop it operating as an unlicensed gambling business. James already sued Kalshi in July and Coinbase and Gemini in April. The CFTC counter-sued states, claiming sole regulatory authority. Courts are split: the 3rd Circuit sided with the CFTC, the 9th Circuit favored Nevada.