Crypto Attorney Defends Prediction Markets

Singapore and Thailand Ban Polymarket Amid Gambling Concerns

• Singapore and Thailand have banned Polymarket, labeling it as a gambling platform.
• Polymarket and Kalshi operate as neutral intermediaries, unlike traditional sportsbooks.
• Prediction markets are regulated under the U.S. Commodity Exchange Act, preempting state laws.
• Kalshi has launched Super Bowl betting markets after CFTC registration.
• Crypto.com has filed for self-certification with the CFTC to enter the prediction market space.

The bans by Singapore and Thailand highlight ongoing debates about whether prediction markets like Polymarket constitute gambling. Despite their similarities to sportsbooks, these platforms operate under different legal frameworks in the U.S., potentially allowing them to expand without state-level restrictions.