Tennessee Orders Kalshi, Polymarket, and Crypto.com to Cease Sports Betting Contracts by 2026
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Regulatory Action: The Tennessee Sports Wagering Council has issued cease-and-desist orders to Kalshi, Polymarket, and Crypto.com, demanding they terminate existing sports betting contracts and process user refunds by January 31, 2026, highlighting stringent state-level oversight of online sports betting.
- Compliance Challenges: The absence of a Tennessee sports wagering license equates the platforms' activities to unlawful betting, which may lead to regional revenue impacts and compliance costs, although a significant financial shock is not anticipated.
- Legal Consequences: Sports betting attorney Daniel Wallach noted that lawsuits against these platforms are imminent, and historical trends suggest such regulatory actions typically result in regional suspensions rather than widespread closures.
- Market Reaction: While sentiment for USDC and CRO may experience minor fluctuations due to perceived U.S. regulatory risks, the lack of pronounced social media commentary indicates that the community views this as a localized issue.
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.
