PANews reported on January 11 that, according to Coindesk, Tennessee regulators have ordered Kalshi, Polymarket, and Crypto.com to cease offering sports event contracts to Tennessee residents, accusing the companies of violating the state's gambling laws by operating without the necessary licenses.

These companies are currently registered with the U.S. Commodity Futures Trading Commission (CFTC) as designated contract markets, offering users the ability to purchase contracts based on the results of sporting events. However, under Tennessee's Sports Betting Law, any entity accepting bets on sporting events must hold a license issued by the state government.