In one of its first actions since signing a memorandum of understanding with the Commodity Futures Trading Commission (CFTC), the US Securities and Exchange Commission (SEC) said it would interpret how “non-security crypto assets” fall under federal securities laws. In a Tuesday notice, the SEC said its interpretation of how to address crypto assets would…
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Two Democratic lawmakers in the US Congress have introduced legislation in response to “government corruption” over bets on prediction markets platforms. In a Tuesday announcement, Texas Representative Greg Casar and Connecticut Senator Chris Murphy said they had introduced the Banning Event Trading on Sensitive Operations and Federal Functions (BETS OFF) Act after several Polymarket accounts…
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Arizona Attorney General Kris Mayes announced that her office filed gambling and related criminal charges against the companies behind prediction markets platform Kalshi. In a Tuesday notice, Mayes said that the charges alleged that Kalshi operated an “illegal gambling business in Arizona without a license” and offered election wagering, in violation of state laws. Arizona…
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The no-action position taken by the US regulator under Chair Michael Selig will allow the company to engage in certain activities without registering as a broker. The US Commodity Futures Trading Commission (CFTC) said Tuesday that its Market Participants Division issued a no-action letter in response to a request from crypto wallet provider Phantom Technologies.…
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The US Secret Service, UK National Crime Agency, and Canadian authorities have partnered to disrupt fraudulent schemes related to crypto, raise awareness of scams, and recover stolen funds. In a Monday notice, law enforcement agencies from the three countries — including Canada’s Ontario Provincial Police and the Ontario Securities Commission — said that they had…
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US Senator Majority Leader John Thune reportedly said he doesn’t expect the chamber to move forward with legislation to establish digital asset market structure before April. According to a Thursday Punchbowl News report, Thune said that the Senate planned to prioritize voting on the SAVE America Act, a bill that would require voters to provide…
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A federal court in Alabama has granted a motion to dismiss a 2024 complaint filed against Binance, its separate US entity Binance.US and former Binance CEO Changpeng “CZ” Zhao over allegations that the cryptocurrency exchange facilitated transferring funds to terrorist groups. In a Wednesday order, US District Court for the Middle District of Alabama Magistrate…
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“This ends today,“ said CFTC Chair Michael Selig, who has been reiterating his position that the agency has exclusive jurisdiction overseeing prediction markets platforms. Michael Selig, chair of the US Commodity Futures Trading Commission (CFTC), has proposed a rule that could amend or issue new regulations over event contracts on prediction markets platforms like Kalshi…
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Travis Hill, chair of the US Federal Deposit Insurance Corporation (FDIC), confirmed that, in his opinion, a law passed in July would not give the agency the authority to guarantee stablecoin deposits. In remarks prepared for the American Bankers Association (ABA) Washington Summit on Wednesday, Hill said that under rules for the stablecoin payments bill,…
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The prediction markets platform argued for an injunction against Ohio authorities, claiming that federal commodities laws superseded state laws on sport event contracts. An Ohio federal court has denied a motion filed by prediction markets platform Kalshi for a preliminary injunction against Ohio state authorities over allegations that the company was operating in violation of…
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