Commodity Futures Trading Commission
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CLARITY Act’s odds slide to 10% as Trump hosts Coinbase, Ripple and Wall Street exchanges
The odds of the Digital Asset Market Clarity Act being signed into law have significantly decreased, with predictions now as low as 10%. This comes as President Donald Trump is set to host executives from major crypto exchanges like Coinbase and Ripple, alongside traditional Wall Street players and regulators, for a meeting on August 19th. The bill faces challenges due to disagreements over ethics, restrictions on government officials, and stablecoin rewards, with limited time remaining in the legislative calendar.
SEC sets Aug. 14 vote to float ‘Regulation Crypto’ offering rules for digital assets
The U.S. Securities and Exchange Commission has scheduled an Aug. 14 vote to propose new rules for digital assets, dubbed 'Regulation Crypto.' This initiative aims to provide a tailored offering regime for crypto firms to raise funds without triggering SEC registration obligations and offers an exit from SEC jurisdiction once projects are no longer actively managed. The move comes after the Senate failed to advance its own crypto market structure legislation.
How a 5-Second Binance Move Turned Polymarket Settlements Into an $8.2M Payday
Researchers from Stanford University and Singapore Management University have identified that 821 accounts exploited settlement windows on Polymarket's prediction markets, extracting $8.2 million through market manipulation. The exploit involved manipulating prices on Binance during settlement windows to ensure favorable contract resolutions. Polymarket has since updated its settlement mechanics to a time-weighted average price (TWAP) to prevent future manipulation, a change that took months of trader complaints and academic research to implement.
Trump teleprompter operator faces investigation over Kalshi bets on White House statements
A teleprompter operator for Donald Trump, identified as Gabriel Perez, is under federal investigation by the Commodity Futures Trading Commission for allegedly profiting over $90,000 through the predictive market platform Kalshi. Perez reportedly placed contracts on specific words and phrases Trump would use during speeches. Kalshi flagged the trades, leading to an investigation and the freezing of the funds.
Kalshi files for a predictive market product that enables speculation on flight delays at airports
Kalshi has filed for a new predictive market product called "AIRPORTDELAY" with the US Commodity Futures Trading Commission. This product would allow users to purchase contracts speculating on the percentage of flight delays or cancellations at specific airports within a given time period. Kalshi is a prominent platform for speculative markets, having previously partnered with Google Finance and inspired Meta's entry into the space.
CFTC wants to reverse course on penalty against Winklevoss twins' crypto business
The Commodity Futures Trading Commission is reportedly seeking to reverse a penalty against the Winklevoss twins' cryptocurrency business, Gemini. Gemini had previously paid a $5 million fine in connection with a lawsuit filed by the agency.
Minnesota passes prediction markets ban
The Commodity Futures Trading Commission (CFTC) has filed a lawsuit to block a recently passed ban on prediction markets in Minnesota. The ban, enacted by the state, is being challenged by the federal regulatory body.
Kalshi suspended three political candidates from its platform for insider trading
Prediction market Kalshi has suspended three political candidates, Mark Moran, Matt Klein, and Ezekiel Enriquez, for alleged insider trading. The company cited new rules implemented last month to prevent politicians from betting on events they can influence. Moran received a five-year suspension and a fine exceeding $6,000, while Klein and Enriquez settled for lesser fines and shorter suspensions. The article also touches on ongoing lawsuits attempting to regulate prediction markets as gambling.
New York Attorney General sues two prediction markets on illegal gambling allegations
New York Attorney General Letitia James has sued Coinbase Financial Markets and Gemini Titan, alleging they are operating unlicensed gambling operations and violating state laws by allowing bets on games involving New York college sports teams. This action follows similar moves by other states, though the US Commodity Futures Trading Commission has asserted federal authority over prediction markets.
New Jersey has no right to ban Kalshi's prediction market, US appeals court rules
A US appeals court ruled that New Jersey cannot regulate Kalshi's prediction market, stating that authority rests with the Commodity Futures Trading Commission. The ruling favors prediction markets, which allow users to bet on various outcomes, including sports events. This decision marks a significant federal-level victory for companies like Kalshi against state-level regulatory challenges.
CFTC sues three states for trying to regulate prediction markets
The Commodity Futures Trading Commission (CFTC) is suing Illinois, Arizona, and Connecticut for attempting to regulate prediction markets, asserting its exclusive jurisdiction. The CFTC views these markets as trading in futures contracts, distinct from illegal gambling, while the states argue they are overstepping their authority. The lawsuit highlights ongoing disputes over the classification and oversight of prediction markets, with potential implications for market participants and regulatory frameworks.
SEC Regulatory Shifts Affect Web3 Gaming and Cryptocurrency
The U.S. Securities and Exchange Commission and Commodity Futures Trading Commission have introduced a new framework classifying crypto assets, significantly impacting the web3 gaming industry. This framework clarifies that most crypto assets, including staking, airdrops, and in-game items, are not considered securities, fostering innovation and growth in blockchain gaming.
Arizona attorney general sues Kalshi on illegal gambling charges
Arizona's Attorney General Kris Mayes has sued Kalshi, alleging the company operates an illegal gambling business by allowing bets on elections. Kalshi, which defines itself as a prediction market platform operating under the Commodity Futures Trading Commission, faces similar charges in Nevada and has been in the news due to an insider trading accusation involving an employee of YouTuber MrBeast.