New York sues Polymarket over alleged illegal gambling business

Crypto Insight Summary: The action filed by state lawmakers followed a similar lawsuit against prediction markets company Kalshi in July that alleged the platform was running an illegal gambling operation. Crypto Insight Analysis: Direction: Bearish POLY / Neutral DEFI Impact: Minor Impact Horizon: Short-term (1-3 days) Reasoning: Regulatory action against Polymarket may deter investors from prediction markets, but broader DeFi impact is limited.