Svmuu News: The Tennessee Sports Wagering Commission (SWC) recently issued cease-and-desist orders to Kalshi, Polymarket, and Crypto.com, requiring them to stop offering sports prediction contracts to state residents on the grounds that these companies were engaging in illegal gambling operations without a state license. In a notice issued on January 9, the SWC accused the three companies of illegally offering sports betting products under the guise of “event contracts.” Although these platforms are currently registered with the U.S. CFTC as designated contract markets, the SWC emphasized that under Tennessee law, any entity accepting sports event wagers must hold a license issued by the state. The companies have been ordered to cease all operations in the state by January 31, cancel open contracts, and refund residents’ deposits. Failure to comply by the deadline could result in civil penalties of up to $25,000 per violation, or even criminal charges. (CoinDesk)