Tennessee regulators ordered Polymarket, Kalshi, and Crypto.com to shut down sports prediction markets this week. Customers must receive refunds as the dispute spreads across multiple states.
Immediate Shutdown Demanded
The Tennessee order gives three platforms seven days to stop operations. Regulators called the sports betting services unlicensed gambling activities. Users saw withdrawal options freeze overnight Tuesday.
Senate Targets Stablecoin Rewards
The U.S. Senate quietly released its Crypto Market Clarity Act draft this month. It would cap rewards for stablecoin holdings at exchanges. Lawmakers argued current practices encourage risky behavior.
Retirement Plans Face SEC Pressure
Senator Elizabeth Warren pushed the SEC to ban crypto in 401k plans. She said retirement accounts shouldn’t carry such high risks. The regulator hasn’t publicly commented on the request.
Custodian Files for Public Debut
BitGo filed for a U.S. IPO targeting a $2 billion valuation. The move follows its custody assets crossing $100 billion. It’s positioning as the first pure-play crypto custodian to go public. The SEC has not yet responded to Senator Warren’s retirement account inquiry.
