Senate Targets Prediction Markets, Copper Eyes $500M Sale, GitHub Repos Stolen
Tech Senate Targets Prediction Markets, Copper Eyes $500M Sale, GitHub Repos Stolen Prediction market operators including Kalshi and Crypto.com faced sharp criticism during a two-hour U.S. Senate Commerce Committee hearing on Wednesday, with lawmakers probing advertising practices, regulatory disputes, and concerns that platform mechanics may incentivize athlete cheating. Committee Chair Ted Cruz cited recent incidents involving NBA players and coaches accused of manipulating performance, two MLB pitchers allegedly rigging pitches, MLS yellow-card scandals, and UFC match-fixing investigations. Senator John Hickenlooper accused the platforms of unleashing predatory marketing aimed at young users. Patrick McHenry, now advising the Coalition for Prediction Markets, defended the industry by stating trading is restricted to users above 18 and that the average participant age is 33. Cryptocurrency custody firm Copper is exploring a sale at a roughly $500 million valuation, with Cantor Fitzgerald appointed to lead the process. The crown jewel of Coppers platform is ClearLoop, a settlement system enabling delivery-versus-payment transactions inside custody without moving assets on-chain — effectively eliminating settlement risk. The firm reports more than 1,000 active counterparties and over $50 billion in monthly notional trading volume. Copper had previously weighed a public listing earlier this year, but with Bitcoin trading below $80,000 and AI absorbing