Missouri Hits Polymarket and Kalshi With Cease-and-Desist Orders

Missouri Attorney General Catherine Hanaway issued cease-and-desist orders to Polymarket, Kalshi, Crypto.com, Novig, Underdog, and Robinhood, demanding they stop offering prediction-market products to Missouri residents or face enforcement. The state argues these platforms cannot relabel sports bets as event contracts to evade gambling compliance. The action signals expanding US state-level regulatory pressure on prediction markets, a bearish overhang for crypto-adjacent platforms like Polymarket and Kalshi and a caution flag for traders in the sector.