"Last winter, it appeared that two groups were in a tenuous relationship, held together by Elon Musk's shameless execution of the DOGE agenda and Big Tech signing massive checks to settle Donald Trump's lawsuits against them. But last night, the Trump administration made a choice: the money. The Commodity Futures Trading Commission (CFTC) announced that they would sue any state who tried to regulate prediction markets like Kalshi - even the Republican states."
"On Tuesday, the CFTC filed an amicus brief to the Ninth Circuit Court of Appeals, officially opposing an onslaught of lawsuits filed by the states against betting markets like Kalshi, Polymarket, Coinbase, and Crypto.com. (The latter two, known primarily as cryptocurrency exchanges, have partnered with Kalshi and created a standalone prediction market called OG, respectively.) But unusually, the brief was accompanied by a threat - posted on X, of all places."
Political alliances between MAGA-aligned tech figures and the Trump administration have fractured as the administration prioritized industry funding. The CFTC filed an amicus brief with the Ninth Circuit opposing state lawsuits targeting prediction and betting markets such as Kalshi, Polymarket, Coinbase, and Crypto.com. Coinbase and Crypto.com have partnered with Kalshi to create a standalone prediction market called OG. The CFTC announced it would sue any state that attempted to regulate these markets, and the agency amplified its stance with a public threat posted on X by CFTC chairman Michael Selig.
Read at The Verge
Unable to calculate read time
Collection
[
|
...
]