The CFTC sued Kentucky after the state targeted prediction markets Kalshi and Polymarket, marking the agency's ninth such lawsuit and the first against a state with a Republican attorney general. The dispute centers on whether event contracts fall under federal CFTC jurisdiction or state gambling regulations, with 20 states now involved in related litigation.
The state is the first with a Republican attorney general to face a CFTC lawsuit.
https://x.com/CFTC/status/2069519483765395907
Coleman described the companies as multi-billion dollar corporations whose legal fictions do not pass scrutiny.
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The SEC advanced regulations permitting investment advisers and funds to custody crypto assets under defined conditions, establishing a regulatory path following the Clarity Act blockage last month.
California Governor Gavin Newsom signed legislation barring public officials from issuing memecoins and prohibiting companies from using officials' likenesses in such coins. The rules were motivated by reports of roughly one million investors losing an alleged $3.8 billion on a 2025 presidential memecoin.
Kalshi is in advanced talks with Sequoia Capital and Wellington Management to raise at least $750 million at a $40 billion valuation. The round would nearly double its May valuation while the company reports $4 billion in annualized revenue and eyes a 2027 IPO.
Sony Bank received preliminary conditional OCC approval to form Connectia Trust, a New York-based subsidiary capitalized with $40 million to manage dollar-denominated stablecoins. The approval arrives as stablecoin transaction volumes hit a record $1.79 trillion last month, intensifying competition in a market dominated by USDT and USDC.
Six tech executives signed President Trump’s Joint Commitment On Frontier Responsibilities, a voluntary AI safety pact with four internal oversight rules. The agreement contains no penalties and notes that the steps could later become law.
