Latest Crypto News & Market Updates

New York City Council probes Polymarket, Kalshi over marketing practices

The New York City Council has opened an investigation into the marketing practices of four prediction market platforms, including Polymarket, Kalshi, Coinbase and Gemini Titan, over allegations that event-contract firms may use deceptive advertising to attract consumers.　　The office of New York City Council Speaker Julie Menin said Wednesday that the council has been examining allegations of “false, deceptive, unconscionable, and objectionable marketing practices” in the prediction market sector for several months.　　Letters sent by Menin to the four companies seek information about how the platforms advertise event contracts covering sports, politics, culture, weather and other subjects. The council also plans to hold a hearing as it considers whether existing consumer protection rules are sufficient or whether new legislation or other policy action is needed.　　“Prediction markets aggressively entice consumers to bet and wager on sports, politics, culture, weather, and pretty much anything,” Menin said in a statement. She added that she intends to use the councils authority to protect New Yorkers from what she described as deceptive and predatory marketing practices.　　Prediction market probe focuses on advertising practices　　Menin‘s letters cited allegations involving Polymarket’s promotional campaigns as one reason for examining marketing across the industry rather than limiting the inquiry to a single company.　　A

3 days agoIndustry

Morning Minute: The CFTC Bails Out Kalshi in NY

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.　　GM!　　Todays top news:Crypto majors chop ahead of CPI, ETH leads; BTC at $64kSEC plans to move forward with crypto rulemaking Friday, including tokenized securitiesRobinhood Chain does 10x the revenue of Base, TVL nears $500MHarmony exploit led to 26% of the supply mintedCFTC invokes emergency authority to keep Kalshi running in NY State　　⚖️ The CFTC Shields Kalshi From New York, Just as Its Revenue Doubles　　The federal government just overruled a state trying to shut down a prediction market.　　The CFTC invoked “emergency authority” on Tuesday to order Kalshi to keep operating in New York, days after Attorney General Letitia James sued to block its sports contracts. Kalshi asked the regulator to step in, and it did.　　The stakes are enormous. According to The Information, Kalshi has topped a $4 billion annualized revenue run rate, double its level from two months ago, and is raising at a $40 billion valuation. So states are trying to rein it in exactly as it becomes one of the fastest-growing companies in finance.　　New York argues sports prediction markets are gambling that dodged state

3 days agoIndustry

Bitwise Cuts 14% of Staff as Crypto Slump Reaches ETF Issuers

In briefBitwise has cut about 14% of its workforce, taking headcount to around 155 from roughly 180, the asset manager confirmed to Bloomberg.CEO Hunter Horsley says the remaining workforce is still the largest in the firms eight-year history, and expects growth to continue.The firm said it runs more than 70 products and about $9 billion in assets, including a $2.3 billion spot Bitcoin ETF.　　Bitwise Asset Management has cut roughly 14% of its staff, taking the San Francisco firm to about 155 people from around 180, it confirmed to Bloomberg.　　Chief executive Hunter Horsley framed the reduction against a longer arc, telling the outlet that even after the cuts the workforce is the largest in the companys eight-year history, and that he expects growth to continue as crypto is absorbed into the wider economy.　　The firm describes itself on its website as managing about $9 billion in client assets across more than 70 investment products, spanning Bitcoin and other ETFs, separately managed accounts, private funds, hedge fund strategies and staking.　　The cuts land in a category that has concentrated sharply, with U.S. spot Bitcoin ETFs now holding about $77.5 billion in net assets, of which BlackRocks IBIT accounts for roughly $47.3 billion and Fidelitys

3 days agoIndustry

FlightAware drops Kalshi lawsuit over a market niche that data shows it never took off

According to a Fortune article in July, Kalshi decided to pause flight cancellation contracts, after social media users expressed concerns over malicious actors causing flight cancellations to collect payouts. And according to Kalshi data, retail participation in the niche aviation series has been modest. For the U.S. flight cancellation bet currently open until Aug. 14, the data reveals only 31,412 total contracts traded, representing $1,842.48 in aggregate dollar volume and only 1,120 contracts held in open interest. The low liquidity here stands in stark contrast with Kalshis $148 billion in volume this year alone, that same data shows.　　The filing does not state whether the companies reached an agreement or whether Kalshi changed its markets or their settlement source.　　Kalshi and FlightAware were contacted via email for comment but neither responded immediately.　　FlightAware had accused Kalshi of using its flight data and a trademark without permission to run bets on airline cancellations. The flight tracking firm was seeking damages and an injunction over contracts that allowed users to trade on the percentage of flights canceled nationally or at specific airports.　　Kalshi had denied violating FlightAware‘s license or infringing its trademark, according to the original complaint. It said its references to FlightAware constituted nominative fair

3 days agoIndustry

Binance, RedotPay clash over fate of Singapore lawsuit

Binance and RedotPay are disputing whether a Singapore case related to their nearly $473 million Hong Kong legal battle is coming to an end.　　The stablecoin payments card issuer told Cointelegraph on Tuesday that it expects Binance to discontinue the Singapore proceedings following a hearing on Aug. 7. “RedotPay will be seeking legal costs arising from the discontinuance of the matter from the claimant,” a spokesperson for RedotPay said, adding that the parties would try to agree on costs.　　However, Binance said it has no plans to abandon its claims. “Reports that Binance will be withdrawing its Singapore claims are false,” a Binance spokesperson told Cointelegraph, adding that the company “is not abandoning its claims and has informed both the court and RedotPay accordingly.”　　The disagreement marks the latest development in a broader legal fight between Binance-affiliated companies and RedotPay, which includes a separate Hong Kong case seeking nearly $473 million in damages.　　Singapore case part of broader legal fight　　Binance-linked legal action against RedotPay first made headlines on Aug. 5, when Bloomberg reported that Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore had filed a petition in Hong Kong against RedotPays co-founders.　　The Hong Kong plaintiffs allege RedotPay diverted more than 470,000 Binance Card users by

3 days agoIndustry

Binance rejects claim it will withdraw Singapore case against RedotPay

Binance and RedotPay have given conflicting accounts of whether Singapore proceedings linked to their nearly $473 million legal dispute are being discontinued following an Aug. 7 court hearing.　　Cointelegraph reported on Tuesday that RedotPay expects Binance to discontinue the Singapore case, while Binance denied that it intends to abandon its claims and said it has informed both the court and RedotPay of its position.　　The disagreement concerns proceedings brought by Binance-linked Chaintecs Consulting Singapore against RedotPay affiliates and runs alongside a Hong Kong case in which three Binance-affiliated companies are seeking about $472.8 million in damages.　　RedotPay told the publication that it expects the Singapore proceedings to be discontinued after the Aug. 7 hearing and plans to seek its legal costs from the claimant.　　“RedotPay will be seeking legal costs arising from the discontinuance of the matter from the claimant,” a company spokesperson said, adding that the parties would first try to reach an agreement over the amount.　　Binance rejected RedotPays account of the case. “Reports that Binance will be withdrawing its Singapore claims are false,” a spokesperson said.　　The exchange added that it “is not abandoning its claims and has informed both the court and RedotPay accordingly.”　　Binance says its Singapore claims remain active　　The Singapore proceedings

3 days agoIndustry

Fidelity plans Ethereum staking for $898M FETH fund

Fidelity has moved to add Ethereum staking and quarterly cash distributions to its $898 million Fidelity Ethereum Fund, with the trust allowed to stake as much as 100% of its ETH under normal conditions.　　SummaryFidelity plans to add Ethereum staking and quarterly cash payouts to its $898 million Fidelity Ethereum Fund.FETH could stake up to 100% of its ETH under normal conditions while keeping enough ether available for liquidity needs.The fund would retain 85% of gross staking rewards, with the remaining 15% going to the sponsor, custodians and node operators.Net staking rewards would first cover fund expenses before being distributed to shareholders in quarterly cash payments.　　The U.S. Securities and Exchange Commission filing submitted on Aug. 11 shows that Fidelity amended the funds registration statement to include staking, allowing FETH to earn rewards from ether already held by the trust. Fidelity plans to begin staking as soon as practicable after the prospectus takes effect.　　Under the proposed structure, Fidelity would not have to stake a minimum amount of the funds ETH. While up to 100% could be committed to validators during normal conditions, some ether would remain available when needed for redemptions, fund expenses, distributions, and liquidity management.　　The filing defines normal conditions as

3 days agoIndustry

Bitcoin holds near $64,000 as U.S. inflation data looms, Harmony exploit rattles altcoins

SummaryHarmony confirmed a suspected exploit after an attacker minted roughly 4 billion ONE tokens via empty blocks, equal to about 26% of total supply, sending the token to a record low.The July U.S. CPI print is due at 12:30 UTC and is the main macro event of the day. Brent crude is near $90 a barrel after fresh Houthi attacks on shipping in the Bab el-Mandeb Strait and a US strike on a vessel in the Gulf of Oman overnight, complicating the inflation picture.Bitcoin is up 0.23% since midnight UTC at around $63,979, with Fear and Greed at 38 and total market cap holding at $2.19 trillion.　　Crypto markets were steady on Wednesday as traders absorbed a protocol exploit while waiting for a U.S. inflation report that often sets the tone for risk assets.　　Harmony, a layer-1 blockchain network for DeFi protocols and marketplaces. confirmed it had been hit by an exploit early in the Asian day. An attacker minted some 4 billion ONE tokens through empty blocks, representing about 26% of the tokens circulating supply.　　Around 2.8 billion of the tokens were quickly funneled to exchanges, pushing ONE down as much as 40% to a record low.　　Broader markets were also little changed

3 days agoIndustry

Bitcoin developers could fall behind attackers without top AI models, BPI says

A group of crypto companies and industry organizations has called on frontier AI labs to give Bitcoin and other open-source financial infrastructure developers trusted access to their most capable models as AI-assisted cyber threats become more advanced.　　The Bitcoin Policy Institute said in an open letter published Monday that developers responsible for securing open-source financial systems can be excluded from specialist cyber programs or restricted by safeguards built into publicly available frontier AI models.　　Bitcoin developers seek access to stronger AI security tools　　Under the proposal, AI companies would “establish or expand standing trusted-access programs for qualified defenders of open-source financial infrastructure,” allowing vetted security researchers and maintainers to use capabilities that may otherwise be restricted.　　BPI argued that access has become more important as advanced AI systems gain the ability to examine large codebases, identify potential vulnerabilities and speed up difficult technical work. These capabilities can help legitimate researchers find flaws, but the institute said they can also be used by attackers looking for weaknesses.　　For Bitcoin developers, the letter said the access gap can leave maintainers dependent on less capable open-weight models when frontier systems either refuse security-related requests or remain available only through programs that do not include open-source financial infrastructure.　　The institute

3 days agoIndustry

Cryptocurrency Market Spot Trading Volume Sees Huge Drop, But the Exchange Experiencing the Smallest Drop Surprises! Here Are the Details

Spot trading volumes in the cryptocurrency market declined significantly in July 2026 compared to the previous month. According to a report covering data from 14 major cryptocurrency exchanges, the total spot trading volume on these platforms reached $429 billion.　　Total trading volume, which stood at $547.9 billion in June, decreased by 21.7% month-on-month in July. Another notable development in the report was the decline in spot trading volume across all 14 exchanges examined compared to the previous month. This indicates that trading activity in the cryptocurrency market generally weakened during the summer months.　　Binance achieved the highest spot trading volume in July. With a volume of $196.5 billion, the exchange alone accounted for 45.8% of the total market. Binance was followed by OKX with $41.6 billion and Bybit with $36.3 billion.　　The top three exchanges accounted for 64% of the total spot trading volume. This shows that the majority of trading activity continues to be concentrated on a limited number of large platforms.　　The monthly decline rates among exchanges also showed significant differences. Uniswap experienced the smallest volume decline among the 14 platforms, with spot trading volume falling by 9.8% on a monthly basis. It was followed by Kraken with a 13.4% decrease and

3 days agoExchange

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