TechFlow news, December 4 — According to Decrypt, the Connecticut Department of Consumer Protection has issued cease-and-desist orders to Robinhood, Crypto.com, and prediction market platform Kalshi, demanding these platforms stop offering "sports event contracts" to residents of the state and allow local users to withdraw their funds. The department warned that non-compliance could trigger civil penalties and criminal sanctions under state gambling and consumer protection laws. Consumer Protection Commissioner Bryan T. Cafferelli stated that none of these entities hold licenses to offer gambling services in Connecticut. This action intensifies the national debate over whether app-based prediction markets should be regulated as gambling products under state law or as derivatives under federal regulation. Data from Dune shows that approximately 74% of Kalshi's wagers are related to sports-linked markets.
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