The U.S. Commodity Futures Trading Commission threw itself in between Michigan courts and prediction market firm Kalshi on Tuesday, issuing an order to disallow the company from meeting a local court demand that it cancel previous customer transactions. The CFTC move amplifies its legal fight with state governments and courts over what its chairman argues […]
A group of crypto and Web3 firms that includes OKX, MetaMask, Matter Labs and Genlayer have formed the “Internet Court” to reach dispute resolutions between AI agents. These days, AI agents negotiate and pay one another without humans in the loop, but as with human-to-human transactions, agent-to-agent transactions will run into contractual disagreements. The problem […]
U.S. President Donald Trump said it was “critically important” that the CFTC keep “exclusive authority” over prediction markets, echoing CFTC Chair Michael Selig in a post on Truth Social, his social media platform, late Tuesday afternoon. “Under my leadership, we are setting ‘rules of the road’ that are the Gold Standard for the States,” he […]
A federal appeals court rejected the final bid of crypto bank Custodia to challenge the U.S. Federal Reserve’s authority over granting master accounts, but the decision arrives at a time that the central bank is opening other avenues for such accounts. A Fed master account grants access to the central bank’s payment rails and full […]
This week saw the Second Circuit Court of Appeals hear arguments in Sam Bankman-Fried’s appeal of his criminal conviction. The three-judge panel appeared very skeptical of his attorney’s arguments. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. The narrative […]
Coinbase (COIN) filed a brief in the U.S. Supreme Court case involving an Internal Revenue Service request for data on hundreds of thousands of its customers back in 2016, arguing the court should “protect Americans’ privacy interests in digital information stored by third-party service providers.” The U.S. tax agency — in an action during the […]