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Kalshi must lock out state users after major court loss

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Kalshi must lock out state users after major court loss
The Sixth Circuit ruled Sept. 25 that Ohio and Tennessee can apply their gambling laws to Kalshi’s sports contracts. The court rejected Kalshi’s argument that complying state by state would conflict with its duties as a federally regulated exchange, and it pointed to geofencing as a workable way to satisfy both. That second appellate win … Read more

EU faces September 30 clock to decide future of DeFi loans

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EU faces September 30 clock to decide future of DeFi loans
The European Banking Authority has asked the European Commission to examine new MiCA rules for crypto firms that connect customers to DeFi loans. Its September 24 response calls for a cost-benefit analysis of possible duties for intermediated borrowing and lending, and for crypto-asset service providers (CASPs) that give clients access to DeFi lending through interfaces … Read more

SEC’s Hester Peirce wants to end crypto’s KYC honeypots before stablecoin rules create more of them

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SEC’s Hester Peirce wants to end crypto’s KYC honeypots before stablecoin rules create more of them
US Securities and Exchange Commission (SEC) Commissioner Hester Peirce wants financial firms to stop stockpiling customer data after breaches exposed the cost of mandatory identity collection. This week, the SEC Commissioner called for wider use of reusable digital credentials that could establish facts about customers without requiring every financial institution to collect the underlying personal … Read more

New York sues Polymarket, seeks triple gains and $100,000 penalties over prediction markets

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New York sues Polymarket, seeks triple gains and $100,000 penalties over prediction markets
New York has sued Polymarket, alleging its US prediction market is an unlicensed gambling business operating across the state. On Sept. 24, Attorney General Letitia James asked a New York state court to stop QCX LLC, which operates as Polymarket US, from offering event contracts without a state gaming license and to order restitution, disgorgement, … Read more

Solana DEX volume spike hides circular trades, and automated bots are blamed

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Solana DEX volume spike hides circular trades, and automated bots are blamed
Bitquery flagged $117.7 billion in Solana DEX trades in a 30-day sample, where repeated round trips supplied much of the recorded turnover. The blockchain data company’s Sept. 24 reconstruction challenges using gross volume as a stand-in for demand from independent traders. It leaves a question of how much an outside user could actually trade at … Read more

Two obscure pools fuel 2.8B XRPL volume, but only 185 trades caused it

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Two obscure pools fuel 2.8B XRPL volume, but only 185 trades caused it
Two pools that exchange TIX for other issued tokens accounted for 97.24% of the seven-day automated market maker (AMM) volume in XRP Ledger (XRPL), according to XRPL.to’s Sept. 24 feed. Neither pool contains XRP, so the outsized reading says far more about the provider’s volume measure. XRPL.to listed a 2.82069 billion seven-day volume total, including … Read more

Wall Street gains direct oversight of Web3 security as S&P Global buys OpenZeppelin

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Wall Street gains direct oversight of Web3 security as S&P Global buys OpenZeppelin
S&P Global has agreed to acquire smart contract security company OpenZeppelin in a transaction that would put the crypto company inside the group that includes S&P Global Ratings. The transaction remains subject to closing conditions, S&P Global’s announcement said. Financial terms were not disclosed, and S&P said it does not expect the deal to materially affect … Read more

BitMEX opens fund recovery to customers it previously barred from the platform

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BitMEX opens fund recovery to customers it previously barred from the platform
BitMEX has opened withdrawal access to customers in six jurisdictions previously barred from using the exchange after ending operations this week. On Sept. 24, the crypto derivatives platform said users in the United States, Canada, Hong Kong SAR, Bermuda, Seychelles and Myanmar can now log in, complete identity verification where required and withdraw funds remaining … Read more