Polymarket, the world’s largest decentralized prediction market platform, has filed a federal lawsuit against Massachusetts, challenging the state’s authority to regulate or ban its operations. The legal action follows efforts by Massachusetts securities regulators to restrict state residents from accessing the platform, citing concerns over consumer protection and illegal gambling. In its complaint, Polymarket argues that state-level interventions are preempted by federal law, specifically the Commodity Exchange Act, and that the Commodity Futures Trading Commission (CFTC) should maintain primary jurisdiction over such financial instruments. The company asserts that prediction markets provide valuable public forecasting data and that individual state bans create an unconstitutional patchwork of regulations that hinder interstate commerce. This legal challenge comes amid a broader national debate regarding the legality of election betting and the regulatory boundaries of decentralized finance.
Source: Polymarket sues Massachusetts, claims states can’t regulate prediction markets
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