Polymarket Secures MLB Partnership, CFTC Integrity Pact, and Acquires Brahma
In a landmark day for sports event contracts, Major League Baseball has named Polymarket its exclusive prediction markets partner. Alongside the partnership, the MLB signed a first-of-its-kind "integrity framework" memorandum of understanding with the Commodity Futures Trading Commission (CFTC) and Chair Michael Selig, according to CoinDesk. The exclusive agreement comes as various U.S. state authorities intensify their crackdowns on sports-related prediction markets.
Polymarket's expansion isn't limited to sports. The platform also announced the acquisition of DeFi startup Brahma. Commenting on the acquisition wave, Polymarket CEO Shayne Coplan told Cointelegraph, "Building reliable infrastructure across blockchain networks and traditional financial rails is hard."
Kalshi Faces Mounting Legal Pressure in Nevada and Arizona
While Polymarket secures federal regulator agreements, rival platform Kalshi is battling state-level restrictions. The Ninth Circuit Court of Appeals has denied a legal effort by Kalshi to prevent an expected temporary restraining order from the state of Nevada, clearing the way for a temporary ban, reports CoinDesk.
This federal court denial follows closely on the heels of criminal charges filed against the company in Arizona. The Kalshi co-founder and CEO fired back at the Arizona charges, calling them a "total overstep" fueled by political bias and media attention, though committing to "abide by court decisions," per Cointelegraph.
Myriad Closes Seed Investment
Amidst the regulatory turbulence for established platforms, new entrants continue to attract capital. Prediction market Myriad has closed a milestone seed round featuring investments from MoonPay Ventures, Auros, EVG, Verda Ventures, and Fundstrat co-founder Tom Lee, according to Decrypt. As capital flows into new protocols and regulatory frameworks evolve, traders can track the latest platform analytics and market data at predictionmarketstools.com.