Report: CFTC Eyes Unusual $5B Trading Pattern on Kalshi ETH Perpetuals

Kalshi denies wash trading allegations, arguing that repeated transactions stemmed from how market markers orders were executed.  The Commodity Futures Trading Commission (CFTC) is reportedly reviewing unusual trading on Kalshis Ethereum perpetual futures market. This is according to The Wall Street Journal (WSJ), which found close to one million trades clustered around the same $5,500 order size since August.  The pattern, which the WSJ said accounted for more than $5 billion in volume, has drawn allegations of wash trading that Kalshi flatly denies, arguing the repeated sizes stem from ordinary market-making activity.  What the Trading Data Shows  In a September 22 report, the WSJ said it had found that more than a third of trades in the market over recent weeks clustered around that same $5,500 figure, although Kalshis public data does not disclose who is behind individual trades. According to them, the CFTC is reviewing the activity before deciding whether to open a formal enforcement investigation.  Wash trading, which is the practice of making trades with no real economic purpose in order to create a misleading activity, is the specific concern the clustering pattern has raised. However, per the report, Kalshi did respond, saying hundreds of distinct traders took part and that the repeated

09-24انڈسٹری

Paxos Enhances Crypto Brokerage With Provable Execution

Peter Zhang  Sep 22, 2026 18:11  Paxos unveils real-time data pipelines for provable execution quality, addressing regulatory and partner demands in crypto trading.  Paxos has introduced a sophisticated real-time data system to ensure provable best execution for its Crypto Brokerage platform, addressing a key challenge in institutional crypto trading: demonstrating execution quality with data. This move is set to bolster trust among partners and regulators by enabling precise, data-backed order routing and transaction cost analysis (TCA).  The system, outlined in a detailed blog post on September 22, 2026, integrates real-time market data and order-routing decisions into a unified analytics pipeline. By capturing market conditions down to the millisecond of execution, Paxos allows brokerages and fintechs using its white-label crypto infrastructure to reconstruct market states and prove decisions were optimal. This capability is especially critical as the crypto industry increasingly faces regulatory scrutiny.  Addressing Longstanding Industry Gaps  Historically, many crypto platforms fell short in execution transparency. Batch processing and fragmented data flows often left trading analytics outdated, undermining regulators confidence. Paxos has rebuilt its system around four key pillars: streaming order-routing and market data, real-time analytics, a durable raw history for forensic reconstruction, and centralized metric logic. These improvements ensure partners can benchmark trades against multi-venue market

09-24انڈسٹری

CLARITY Act Vote Fails in Senate, Crypto Regulation Delayed

Timothy Morano  Sep 22, 2026 16:53  The Senate‘s failure to advance the CLARITY Act leaves U.S. crypto regulation in limbo. Here’s what it means for institutions and markets.  The U.S. Senate failed to advance the Digital Asset Market CLARITY Act (H.R. 3633) on September 15, 2026, blocking the crypto regulation bill in a 49-50 cloture vote. The legislation, intended to establish a clear federal framework for digital asset markets, remains in limbo, leaving institutions and regulators without statutory guidance as major deadlines approach.  Every Democrat present voted against advancing the bill, joined by four Republican senators. Notably, Senator Thom Tillis (R-NC) switched his vote in the final minutes, a procedural move that allows him to motion for reconsideration later. This keeps the bill alive on the Senates legislative calendar, though no timeline for further action has been set.  Why the CLARITY Act Matters  The CLARITY Act aims to resolve long-standing jurisdictional disputes between the SEC and CFTC by defining which digital assets fall under each agencys purview. It also proposes registration pathways for exchanges and intermediaries, disclosure requirements for token issuers, and a shift from case-by-case enforcement to statutory rules. The House passed the bill in July 2025 with bipartisan support, but Senate progress has stalled

09-24انڈسٹری

Injective (INJ) Launches Stockdrop: Tokenized Stocks Meet DeFi

Rebeca Moen  Sep 22, 2026 16:45  Injectives Stockdrop rewards INJ holders with tokenized stocks like NVIDIA and AMC, adding new utility to its deflationary ecosystem.  Injective (INJ) has unveiled a new initiative called Stockdrop, which allows participants in its Community BuyBack program to earn tokenized stocks alongside their regular rewards. The program, which launches on September 23, adds another layer of utility to INJ while reinforcing its deflationary tokenomics model.  The Stockdrop program combines three elements: burning INJ tokens, distributing ecosystem revenue, and awarding tokenized stocks. INJ holders who commit tokens to the Community BuyBack will permanently remove those tokens from circulation and receive a pro-rata share of Injective‘s ecosystem revenue. Now, they’ll also have the chance to claim tokenized stocks linked to major companies like NVIDIA and AMC, delivered directly on Robinhood Chain.  How Stockdrop Works  To participate, users must commit INJ during the Community BuyBack event via the Injective Hub. Once the buyback concludes, participants can connect their wallets to see if theyve been allocated a Stock Token on Robinhood Chain. Claiming the token involves signing a request and sharing a post on X (formerly Twitter). No fees are involved in the claim process, and stock tokens are distributed in batches after a review

09-24انڈسٹری

OpenAI Gives Ukraine Access to Daybreak AI Cyber-Defense Tool

In briefOpenAI will give Ukraines Ministry of Digital Transformation access to Daybreak, its AI tool for finding and fixing software vulnerabilities.Ukraines CERT-UA handled nearly 6,000 cyberattacks in 2025, a 37% increase from 2024, with local governments and government agencies hit hardest.The offer follows OpenAIs September 3 pledge of $1 billion in subsidized Daybreak access, which promised expansion to “partner countries” within weeks.  OpenAI is giving Ukraines government access to Daybreak, an AI tool built to hunt down software vulnerabilities—the hidden coding flaws hackers exploit to break into a system—before Russian hackers find them first.  The offer went to Ukraine‘s Ministry of Digital Transformation and was announced Wednesday on the sidelines of the UN General Assembly. Dmytro Kushneruk, Ukraine’s Consul General in San Francisco, and Sasha Baker, OpenAIs Head of National Security Policy, made the announcement together.  Myriad: Which company IPOs next? Click to make your prediction.  Daybreak runs on GPT-5.6 Sol, OpenAIs flagship large language model—the same kind of AI that powers ChatGPT, trained on huge volumes of text and code so it can read software the way a human expert would. It scans aging systems for weak points, checks whether a suspected flaw is actually exploitable, and confirms a patch actually closes the

09-24انڈسٹری

Circle's Arc takes aim at the $10 trillion-a-day FX market

Circle has switched on 24-hour stablecoin foreign-exchange settlement on Arc, targeting a global FX market that moves nearly $10 trillion daily.  The service, called StableFX, allows screened businesses to request competing quotes from multiple liquidity providers and settle both sides of a stablecoin currency trade simultaneously on Circles newly launched blockchain. Users can choose near-instant settlement or defer completion to an agreed window, extending institutional FX activity beyond conventional banking hours.  Circle said much of the global currency market still relies on infrastructure designed around banking schedules even as payments, crypto trading and digital commerce increasingly operate continuously. StableFX is its attempt to move part of that market onto programmable settlement rails.  The system separates trade execution from settlement. Businesses submit a currency pair, amount, and preferred settlement window through a request-for-quote process, allowing approved liquidity providers to compete for the order. Execution happens off-chain before counterparties fund a smart-contract escrow on Arc.  Settlement then occurs on a payment-versus-payment basis: both stablecoin legs transfer together, or neither does. That structure is designed to reduce settlement risk while allowing businesses to contract with Circle once and access multiple vetted counterparties through the same venue.  Circle Chief Executive Jeremy Allaire described StableFX as a “strong emerging primitive”

09-24انڈسٹری

XRP Options Turn Bullish After Sharp Price Rebound

TLDRXRPs one-week 25-delta call-minus-put skew climbed to 9.3 volatility points.The reading sits in the 95th percentile, showing unusually strong demand for calls.XRP options had mostly negative skew during late 2025 and early 2026.The skew briefly moved above 15 volatility points in late August before cooling.XRP has gained about 18% over the past seven days, supporting renewed demand for upside exposure.  XRP options traders are paying a higher premium for calls as demand for upside exposure rises. Coinbase Markets said XRPs one-week 25-delta call-minus-put skew reached 9.3 volatility points, placing the reading in the 95th percentile. The move shows traders are paying more for comparable calls than puts after XRP gained about 18% over seven days.  $XRP options are leaning toward upside convexity.  At the 1w 25Δ point, calls trade 9.3 vol points above comparable puts, a 95th percentile reading.  Sensible positioning, or crowded demand?   XRP Options Skew Turns Strongly Positive  Coinbase Markets described the market as leaning toward upside exposure. The +9.3 reading means implied volatility for selected calls stands 9.3 points above comparable puts. It does not mean traders expect XRPs price to rise by 9.3%, and it does not provide a direct price forecast.  The change follows a period when short-term XRP options favored

09-24انڈسٹری

Ex-SEC acting chair: Agency dropped crypto cases to avoid issues with credibility

Mark Uyeda, who served as acting chair of the US Securities and Exchange Commission (SEC) before Paul Atkinss confirmation, said the agency dropped civil cases against cryptocurrency companies filed under the previous administration because it was preparing a “180-degree change” in rulemaking.  In a Wednesday panel at the Psaros Center for Financial Markets and Policy‘s Financial Markets Quality Conference, Uyeda said the SEC dropped cases involving crypto companies in early 2025 as it could have hurt the agency’s credibility in arguing positions in court contrary to its planned policy changes. Uyeda argued that there had been “significant concerns” that the cases against crypto companies were “justifiable under law.”  “I‘m not about to have our litigators, even though they’re having cases that were authorized under the prior administration, stand up in court and have a commission interpretation be issued that is a 180-degree change from what theyd been arguing for that court,” said the commissioner. “I think that hurts [our] credibility as an agency.”  SEC Commissioner Mark Uyeda. Source: Psaros Center for Financial Markets and Policy  Under Uyeda, who was acting SEC chair from January to April 2025, the commission dropped cases filed against Kraken, Ripple Labs, Coinbase and others in what many critics characterized

09-24

Circle launches 24/7 stablecoin FX engine as it chases a slice of the $10 trillion currency market

Circle has switched on 24-hour stablecoin foreign-exchange settlement on Arc, targeting a global FX market that moves nearly $10 trillion daily.  Related Asset USDC USDC · Stablecoin  The service, called StableFX, allows screened businesses to request competing quotes from multiple liquidity providers and settle both sides of a stablecoin currency trade simultaneously on Circles newly launched blockchain. Users can choose near-instant settlement or defer completion to an agreed window, extending institutional FX activity beyond conventional banking hours.  Circle said much of the global currency market still relies on infrastructure designed around banking schedules even as payments, crypto trading and digital commerce increasingly operate continuously. StableFX is its attempt to move part of that market onto programmable settlement rails.  Related Company Circle Global crypto finance company  The system separates trade execution from settlement. Businesses submit a currency pair, amount, and preferred settlement window through a request-for-quote process, allowing approved liquidity providers to compete for the order. Execution happens off-chain before counterparties fund a smart-contract escrow on Arc.  Settlement then occurs on a payment-versus-payment basis: both stablecoin legs transfer together, or neither does. That structure is designed to reduce settlement risk while allowing businesses to contract with Circle once and access multiple vetted counterparties through the same venue.  Circle

09-24انڈسٹری

Ex-SEC Acting Chair: Agency Dropped Crypto Cases to Avoid Issues with Credibility

Mark Uyeda, who served as acting chair of the US Securities and Exchange Commission (SEC) before Paul Atkinss confirmation, said the agency dropped civil cases against cryptocurrency companies filed under the previous administration because it was preparing a “180-degree change” in rulemaking.  In a Wednesday panel at the Psaros Center for Financial Markets and Policy‘s Financial Markets Quality Conference, Uyeda said the SEC dropped cases involving crypto companies in early 2025 as it could have hurt the agency’s credibility in arguing positions in court contrary to its planned policy changes. Uyeda argued that there had been “significant concerns” that the cases against crypto companies were “justifiable under law.”  “I‘m not about to have our litigators, even though they’re having cases that were authorized under the prior administration, stand up in court and have a commission interpretation be issued that is a 180-degree change from what theyd been arguing for that court,” said the commissioner. “I think that hurts [our] credibility as an agency.”  SEC Commissioner Mark Uyeda. Source: Psaros Center for Financial Markets and Policy  Under Uyeda, who was acting SEC chair from January to April 2025, the commission dropped cases filed against Kraken, Ripple Labs, Coinbase and others in what many critics characterized

09-24انڈسٹری
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