The Sixth Circuit ruled Kalshi's sports contracts aren't federally regulated swaps, letting Ohio and Tennessee enforce gambling laws and deepening a circuit split likely headed to the Supreme Court.
The Senate's crypto market structure bill failed a key procedural vote after bipartisan objections over Trump's crypto ties and unresolved stablecoin yield rules, leaving spot markets in regulatory limbo.
New SEC staff FAQs say token buyback programs alone don't meet the Howey test's managerial-efforts standard for functional networks, though the guidance remains non-binding.
The Federal Reserve's new stablecoin rule gives issuers just 24 hours to report a reserve shortfall and forces liquidation within 48 — a timeline far stricter than the OCC's 15-day approach.
After the Clarity Act stalled in the Senate, the SEC, CFTC, Fed and OCC moved within days to write their own crypto rules — a shift that trades legislative durability for regulatory speed.
The CFTC alleges Cash FX Group and affiliated defendants ran a $950 million Ponzi scheme dressed up as AI-driven crypto forex trading, with at least $406 million in losses.
Hester Peirce, the SEC's leading pro-crypto commissioner, has resigned effective October 2, leaving the agency at bare quorum with no Democratic seat filled.
A Bitget hacker shifted $83 million in stolen XRP that Ripple cannot freeze, exposing a recovery gap stablecoins don't share and leaving $75 million more exposed.
A DOJ forfeiture complaint against Montana payments firm Capstone names a Tether banking partner, freezing $84 million and reviving scrutiny of stablecoin compliance.
A Sixth Circuit panel ruled Kalshi's sports contracts are state-regulated gambling products, not federal swaps, deepening a circuit split that may soon reach the Supreme Court.
