Prediction market platform Novig files a lawsuit against the state of Wisconsin, arguing that sports contracts should fall under the exclusive jurisdiction of the CFTC.
60 minutes ago
Sports event prediction market platform Novig has filed a lawsuit in the U.S. District Court for the Western District of Wisconsin, with state Attorney General Josh Kaul named as the defendant. Back in April, Wisconsin sued platforms including Kalshi, Polymarket, Robinhood, Crypto.com and Coinbase, accusing their sports event contracts of violating state bans and constituting a "public nuisance". Anticipating it would soon be sued as well, Novig opted to take preemptive action. Legally, Novig asserts that its sports contracts qualify as swaps under the Commodity Exchange Act and should fall under the exclusive jurisdiction of the CFTC.
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