Tennessee Bans Crypto Platforms from Offering Sports Contracts to Protect Consumers
- Regulatory Action Escalation: The Tennessee Sports Wagering Council issued cease-and-desist letters to Kalshi, Polymarket, and Crypto.com, mandating an immediate halt to sports contract activities, indicating a strong state-level stance against crypto prediction markets that could impact these platforms' operations in the state.
- Compliance Requirements: The council stated that the contracts offered by these platforms are classified as sports wagering, which can only be legally provided by state-licensed operators, emphasizing the importance of compliance and potentially leading to fines and legal actions against unlicensed platforms.
- Increased Market Pressure: Tennessee's actions reflect a growing regulatory scrutiny nationwide on crypto platforms, with other states also reviewing similar products, which may force these platforms to adjust their business models to comply with local laws.
- Consumer Protection Priority: Tennessee officials stressed that unlicensed operators pose risks to consumers, demonstrating the state's firm commitment to consumer protection and enforcement of gambling laws, which may encourage more states to adopt similar measures.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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