Tennessee Bans Crypto Platforms from Offering Sports Contracts to Protect Consumers
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Regulatory Action Escalation: The Tennessee Sports Wagering Council issued cease-and-desist letters to Kalshi, Polymarket, and Crypto.com, mandating an immediate halt to sports contract activities, indicating a strong state-level stance against crypto prediction markets that could impact these platforms' operations in the state.
- Compliance Requirements: The council stated that the contracts offered by these platforms are classified as sports wagering, which can only be legally provided by state-licensed operators, emphasizing the importance of compliance and potentially leading to fines and legal actions against unlicensed platforms.
- Increased Market Pressure: Tennessee's actions reflect a growing regulatory scrutiny nationwide on crypto platforms, with other states also reviewing similar products, which may force these platforms to adjust their business models to comply with local laws.
- Consumer Protection Priority: Tennessee officials stressed that unlicensed operators pose risks to consumers, demonstrating the state's firm commitment to consumer protection and enforcement of gambling laws, which may encourage more states to adopt similar measures.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
