On July 28, the U.S. District Court for the Eastern District of Wisconsin denied the CFTC’s application for a preliminary injunction seeking to block Wisconsin from enforcing regulations against sports-related event contracts on platforms including Kalshi, Coinbase, Robinhood, Polymarket, and Crypto.com. The court found that the CFTC failed to demonstrate a likelihood of success on the merits and determined that gambling regulation falls within the traditional police powers of the states, with federal law not clearly indicating an intent to preempt state law. The court also denied the intervention applications of Kalshi and Crypto.com Derivatives North America (CDNA), as well as that of the American Gaming Association (AGA). The substantive litigation between the CFTC and Wisconsin will continue.
U.S. Federal Court Denies CFTC’s Request for Injunction Against Wisconsin’s Sports Betting Enforcement
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Summary
On July 28, a U.S. federal court in Wisconsin denied the CFTC’s request to block state enforcement of sports betting regulations against platforms such as Kalshi, Coinbase, and Crypto.com. The court found that the CFTC failed to demonstrate a strong case and emphasized that gambling is a matter for individual states. Concerns related to countering the financing of terrorism were insufficient to justify federal intervention. BTC as a hedge against inflation remains a key narrative in the broader market. The legal dispute between the CFTC and Wisconsin continues.
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