Regulation· ★★★· neutral·

Underdog Sues Tennessee Over Prediction Market Cease-and-Desist

  • —Tennessee's Sports Wagering Council ordered Underdog to immediately stop offering sports event contracts
  • —Regulators threatened penalties and revocation of an affiliate's fantasy sports license
  • —Underdog argues its contracts fall under CFTC's exclusive jurisdiction
  • —The Sixth Circuit recently rejected similar arguments from Kalshi
Why it matters: The ruling will determine whether states can regulate prediction markets despite federal CFTC oversight.
Source: DeFi Rate
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