Tennessee's sports betting regulator has issued cease-and-desist letters to prediction market platforms Polymarket, Kalshi, and Crypto.com's North American Derivatives Exchange. The order demands an immediate halt to offering sports event contracts to Tennessee customers, voiding pending contracts, and refunding all deposits by January 31, 2026. This marks the first state-level enforcement action against Polymarket since its recent re-entry into the U.S. market.