Kalshi Seeks Never-Expiring Oil Futures Amid 24/7 Trading Debate
Prediction Markets
“Kalshi Inc. will seek regulatory approval for an oil-linked futures contract that never expires, a move that would bring a product popular in crypto markets into the traditional energy sphere as the industry debates the risks of round-the-clock markets. The contract, linked to the West Texas Intermediate benchmark, is set to be filed with the Commodity Futures Trading Commission as soon as next week, according to a person with knowledge of the decision who asked not to be identified because the filing isn’t yet public. If approved, it would be the first contract of its kind to trade on a regulated US platform. Known as perpetual futures, the contracts have no expiration date and allow customers to amplify the risk they take with each trade. They surged in popularity during the Iran war, emerging as one of the few ways for retail investors to trade oil while traditional futures markets were closed. They have since become a flashpoint in the debate over how weekend trading affects prices during regular market hours.”
Source: Bloomberg
G20 Finance Leaders Vow to Establish 'Clear Pathways' for Digital Assets Innovation
Policy
“G20 finance ministers and central bank governors pledged to set out clearer rules for digital assets to promote financial innovation. In the G20 Chair's statement issued after a two-day meeting in Asheville, North Carolina, the officials acknowledged that digital financial innovation, including digital assets, can support 'broad-based economic growth' and play a key role in driving private sector innovation. 'We commit to advancing responsible and effective regulatory and supervisory frameworks that preserve financial stability, support economic growth, and establish clear pathways for sound digital financial and digital assets innovation, while considering cross-border opportunities and challenges as appropriate,' the statement said.”
Source: The Block
Musk Ally Anthony Armstrong Joins Coinbase’s Board of Directors
Personnel
“Coinbase Global Inc. is adding Anthony Armstrong, an Elon Musk ally and former Morgan Stanley banker, to its board of directors. Armstrong most recently served as chief financial officer of Musk’s companies, including xAI and X, Coinbase said on Wednesday. He is joining the board of the largest US crypto exchange as the industry struggles to recover from a deep slump that began last year. Before aligning himself with Musk, Armstrong spent about a decade at Morgan Stanley. In 2022, the bank advised Musk’s acquisition of the social network that was then called Twitter and led the financing. A few years later, Armstrong followed Musk to the Department of Government Efficiency, or DOGE, and was later hired in the CFO role for Musk’s companies.”
Source: Bloomberg
New Jersey Asks Supreme Court to Decide Who Regulates Sports Betting on Prediction Markets
Prediction Markets
“New Jersey is asking the U.S. Supreme Court to settle, once and for all, how sports betting on prediction markets should be regulated as tensions between states and the federal government continue to escalate. On Wednesday, New Jersey Attorney General Jennifer Davenport filed a 332-page petition for a writ of certiorari, a formal request asking the Supreme Court to review a lower court’s decision. The petition stems from a case that began last year, when New Jersey sent prediction markets platform Kalshi a cease-and-desist letter alleging that the company was violating the state’s gambling laws. Kalshi subsequently sued New Jersey, and the case eventually reached the U.S. Court of Appeals for the Third Circuit, which ruled in Kalshi’s favor.”
Source: The Block
Crypto Groups Push SEC for Tailored Rules on Novel ETFs
ETPs
“Crypto firms, asset managers, market makers and consumer advocates pressed the Securities and Exchange Commission with competing plans for regulating a new generation of exchange-traded products, spanning crypto, private assets, event contracts, and leveraged strategies. 'Just as the Commission has modernized rules to promote efficiencies for ETFs, the Commission should consider providing similar efficiencies for non-ETF ETPs to promote regulatory parity, foster innovation, and expand investor choice,' the Crypto Council for Innovation wrote. CCI’s letter joined submissions from Andreessen Horowitz, the Solana Policy Institute, Grayscale, Chainalysis, Charles Schwab, Jane Street, Franklin Templeton, Kalshi and others responding to the SEC’s request for comment on 'novel ETFs'.”
Source: Decrypt
