Tennessee Orders Kalshi, Polymarket, and Crypto.com to Halt Sports Contracts Due to Violations
- Regulatory Crackdown: The Tennessee Sports Wagering Council issued cease-and-desist orders on January 9 to Kalshi, Polymarket, and Crypto.com, demanding the cessation of sports contracts and user deposit refunds by January 31, with non-compliance risking civil penalties up to $25,000.
- Legal Compliance Risks: The companies are accused of unlawfully selling sports wagering products without state licenses, as Tennessee law mandates that any organization taking bets on athletic events must possess a state-issued license, which none of the three firms currently hold.
- Market Activity Resilience: Despite ongoing legal disputes, market activity for Kalshi and Polymarket continues to rise, with Polymarket re-entering the U.S. market after acquiring derivatives exchange QCX for $112 million, indicating resilience in challenging conditions.
- Multi-State Regulatory Pressure: Tennessee's actions are part of a broader trend, as Connecticut also issued cease-and-desist orders against these companies last year, reflecting increasing regulatory scrutiny that could impact their future operations and compliance strategies.
Get Real-Time Alerts for Any Crypto Movement
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 | - | - | - | - | - | - | - |
About the author
