The Attorney General of New York has sued Polymarket. The prediction market platform has responded with a counterclaim.
The state of New York keeps trying to take action against prediction markets. Attorney General Letitia James has already filed suit against Kalshi and Coinbase. Now her latest efforts target Polymarket.
The platform is accused of operating illegal gambling. Prediction markets, in turn, insist they have permission from the Commodity Futures Trading Commission (CFTC).
In the Kalshi case, the regulatory authority supported the operator with an emergency authorisation. Polymarket has already filed a counterclaim, stating that only the CFTC may regulate prediction markets.