Nevada court issues temporary restraining order against Polymarket, testing CFTC regulatory authority
PANews, February 3rd – According to Cointelegraph, a Nevada court in the United States has issued a 14-day temporary restraining order to Blockratize, the operator of the prediction market platform Polymarket, requiring it to immediately cease offering event-based contract trading to residents of the state. The court found that the sports and other event market contracts provided by Polymarket constitute unlicensed gambling activities, rather than regulated financial products. The judge noted that allowing the platform to continue operating without a gambling license would cause "immediate" and "irreparable" harm to Nevada's ability to regulate gambling integrity, prevent underage gambling, and enforce suitability standards. Accordingly, the court rejected Blockratize's defense that the Commodity Exchange Act grants the U.S. Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over its event contracts, holding that state-level gambling laws may still apply.
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