New York demands $3.4B in crypto fines: Inside the fight to turn prediction apps into nonstop leverage casinos
CryptoSlate
Prediction platforms like Kalshi and Polymarket are adopting perpetual futures to boost engagement while facing intense legal scrutiny from state regulators.Summary
Major prediction market platforms are transitioning from event-based contracts to offering perpetual futures, effectively evolving into full-service digital asset exchanges. By allowing users to trade with high leverage indefinitely, these companies aim to secure continuous fee generation, competing directly with centralized financial platforms. This strategic pivot, however, intensifies legal risks as state regulators, notably in New York, increasingly classify these products as unlicensed gambling, setting the stage for a significant jurisdictional battle between state and federal authorities.
(Source：CryptoSlate)