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.
Tap a lens to see what this story means for you.
Liked this? The Brief brings you the whole day in tech, verified, every morning.
Two minutes, free forever. What's in The Brief →
See what’s happening right now
The Feed runs all day — short, verified briefs the moment they break.
Open the FeedFollow @thecircuitry_
Every story we publish, as it happens. No noise between.
Reader-supported
The Circuitry is a passion project I've always wanted to build, and I love the work behind it.
Running it costs real money. APIs, hosting, time. To keep improving the site and growing this into something useful for everyone, those costs have to be covered.
Any contribution is appreciated. If not, no pressure. Thanks for reading.
ESMA has warned that binary prediction-market event contracts functioning as financial instruments are prohibited for retail clients under the EU’s binary options ban. The move comes as platforms such as Kalshi and Polymarket expand rapidly and attract traditional-finance interest.
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.
Gavin Newsom has signed seven bills that require AI data centers to cover the cost of upgrades to local power grids and water systems while also disclosing projected water consumption and satisfying specific efficiency standards. The legislation prevents utility expenses from being transferred to residents as data center activity expands.
The European Union has approved the $55bn acquisition of Electronic Arts by Saudi Arabia's Public Investment Fund (PIF) along with Silver Lake and Affinity Partners. The leveraged buyout, if completed, would become the largest in history and has drawn criticism over sportswashing concerns.
