Autor Cointelegraph By Turner Wright

The US Commodity Futures Trading Commission (CFTC) took positions on cryptocurrency perpetual futures contracts and how the industry may be more suited for “24/7 trading, clearing, and settlement.”In a Friday notice, the CFTC said it had approved perpetual futures contracts tied to the spot price of Bitcoin for prediction markets platform Kalshi. The company announced at about the same time that it would launch the perpetual futures contracts on its platform in a move closer to a derivatives exchange.“​​The Order was based on representations and submissions made by Kalshi in support of its request for Commission approval, including its explanation and analysis of the BTCPERP Contract’s terms and conditions, the nature of the underlying commodity market, and the BTCPERP Contract’s compliance with applicable provisions of the Commodity Exchange Act and the Commission’s regulations thereunder, including the Core Principles applicable to [Designated Contract Markets],” said the CFTC.Source: CFTCThe perpetual futures contracts, or “perp” products, would allow Coinbase and Kalshi users to speculate on crypto prices without owning the underlying assets. The CFTC no-action position for Coinbase and approval for Kalshi represented the US agency being more open to crypto derivatives. Coinbase chief legal officer Paul Grewal called the CFTC decision a “massive first for the industry” in a Friday X post. The exchange launched stock perpetual futures for non-US traders in March.Related: CFTC seeks to reverse settlement deal with GeminiIn a separate notice, the CFTC distinguished between the suitability of traditional markets and crypto markets for 24/7 trading. According to the agency, “derivatives referencing crypto assets may be well-suited for 24/7 trading due to their digital infrastructure and global reach” while others, like agricultural markets, may not be based on their “unique customer bases, regional nature” and other factors.CME Group also announces 24/7 crypto futures trading, pending regulatory review. Source: CME GroupTrump touts CFTC’s authority, with no additional commissioner nominationsOn Tuesday, US President Donald Trump posted to social media, in a statement supporting Michael Selig and the CFTC in their fight for jurisdiction over prediction markets. The post came amid several state-level lawsuits attempting to restrict or ban the platforms, while Selig claims the agency has “exclusive jurisdiction” under the Commodity Exchange Act.Selig remains the chair and sole commissioner at the federal commodities regulator in a panel intended to consist of a bipartisan group of five people. As of Friday, Trump had not announced any nominations to fill the seats.Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves

Alex Mashinsky, the former CEO of defunct cryptocurrency lending platform Celsius, has filed a motion in a New York court to vacate his 12-year sentence for fraud and market manipulation. In a Tuesday filing in the US District Court for the Southern District of New York, Mashinsky filed a motion to vacate his 144-month sentence, set by Judge John Koeltl in May 2025. The former Celsius CEO filed the paperwork without additional counsel, having announced on May 5 that he would be proceeding pro se in his case.Although Mashinsky pleaded guilty to commodities fraud and securities fraud related to “manipulative and deceptive devices,” he filed a motion to vacate on the grounds that he had ineffective counsel and “fruit of [the] poisinous [sic] tree,” a legal doctrine referring to evidence tainted by authorities’ misconduct.“I did not discharge my counsel at this time but they stopped communication with me so I had no choice but to file my reply directly with the court,” said Mashinsky.Source: CourtlistenerIn documents attached to his motion to vacate, Mashinsky said former FTX CEO Sam Bankman-Fried intended to “destroy Celsius,” blaming him for much of the market manipulation of the network’s CEL tokens on the crypto exchange. He asked that the judge deny any FTX trust request, and provided text messages with Celsius’ former chief revenue officer Roni Cohen-Pavon, claiming he had attempted a “hostile takeover” of the platform. Celsius filed for bankruptcy in 2022 amid a market downturn that saw the collapse of many crypto exchanges, including FTX. US authorities indicted Mashinsky and Cohen-Pavon in July 2023 on charges related to fraud and market manipulation, with both men later pleading guilty.Related: Acting AG Todd Blanche confirms ‘code is not a crime’ in DOJ pivotCohen-Pavon was sentenced to time served after pleading guilty in September 2023, with prosecutors citing his “substantial assistance” to the government, including being prepared to testify against Mashinsky. His sentencing followed the court officially closing the criminal cases against the Celsius executives. Alex Mashinsky at the Bitcoin 2021 conference in Miami. Source: CointelegraphFinancial penalties against Celsius execsAlthough the court may still consider Mashinsky’s motion to vacate, the former CEO was already ordered to pay $48 million as part of a forfeiture in his criminal case settled in 2025. He also agreed to pay $10 million as part of a settlement with the US Federal Trade Commission in a mostly suspended $4.72 billion monetary judgment.Cohen-Pavon, sentenced to time served, agreed to pay more than $1 million and a $40,000 fine.Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves

The US Commodity Futures Trading Commission (CFTC) and companies behind prediction market platforms are continuing legal fights against state-level authorities, with the latest battlegrounds centered in Rhode Island and Minnesota.Last week, Minnesota Governor Tim Walz signed a bill into law amending statutes to prohibit advertising, creating, operating or otherwise facilitating prediction market platforms. The move prompted CFTC Chair Michael Selig to file in federal court less than 24 hours later, alleging Minnesota and its officials had enacted the “first outright ban” on prediction markets.Source: PACERThat set up a move by Kalshi on Wednesday challenging the Minnesota law on constitutional grounds. The company echoed arguments made by Selig, claiming that the CFTC had “exclusive authority” over prediction markets under the Commodity Exchange Act and under the Supremacy Clause of the US Constitution, the federal law took precedence over state laws. Central to Kalshi’s and Selig’s claims is that event contracts on prediction market platforms are “swaps” traded on federally designated contract markets and subject to the CFTC’s jurisdiction rather than state authorities. Although some courts have rejected this argument, others have sided with Kalshi and the CFTC, setting up a potential case for the US Supreme Court.Related: After Kalshi appeal, prediction markets fight could head to US Supreme CourtOn Thursday, the CFTC announced a joint filing with Kalshi against Rhode Island officials. The motion to intervene reiterated the agency’s previous claims on its authority over prediction markets, stemming from Rhode Island Attorney General Peter Neronha suing Kalshi and Polymarket and asking for a declaration that the platforms’ sports-related “event contracts” amounted to bets.Event contract on when a prediction markets case could go to the US Supreme Court. Source: PolymarketDonald Trump weighs in, despite family ties to prediction marketsOn Wednesday, US President Donald Trump took to social media, claiming that it was “critically important” that the CFTC had sole authority over prediction markets. His son, Donald Trump Jr., is an adviser to Kalshi and Polymarket and invested in the latter through his venture capital firm, 1789 Capital.“We want to remain at the top,” said Trump, referring to prediction markets and insulting state officials behind some of the lawsuits against Kalshi and Polymarket.The platforms have come under scrutiny in the US Congress amid concerns over elected officials potentially being engaged in insider trading. Last week, the chair of the House of Representatives’ Oversight and Government Reform Committee called on the CEOs of Kalshi and Polymarket to answer questions related to the companies’ response to insider trading. Magazine: Big Questions: Do we really only need 2–5 cryptocurrencies?

The US Commodity Futures Trading Commission (CFTC) and companies behind prediction market platforms are continuing legal fights against state-level authorities, with the latest battlegrounds centered in Rhode Island and Minnesota.Last week, Minnesota Governor Tim Walz signed a bill into law amending statutes to prohibit advertising, creating, operating or otherwise facilitating prediction market platforms. The move prompted CFTC Chair Michael Selig to file in federal court less than 24 hours later, alleging Minnesota and its officials had enacted the “first outright ban” on prediction markets.Source: PACERThat set up a move by Kalshi on Wednesday challenging the Minnesota law on constitutional grounds. The company echoed arguments made by Selig, claiming that the CFTC had “exclusive authority” over prediction markets under the Commodity Exchange Act and under the Supremacy Clause of the US Constitution, the federal law took precedence over state laws. Central to Kalshi’s and Selig’s claims is that event contracts on prediction market platforms are “swaps” traded on federally designated contract markets and subject to the CFTC’s jurisdiction rather than state authorities. Although some courts have rejected this argument, others have sided with Kalshi and the CFTC, setting up a potential case for the US Supreme Court.Related: After Kalshi appeal, prediction markets fight could head to US Supreme CourtOn Thursday, the CFTC announced a joint filing with Kalshi against Rhode Island officials. The motion to intervene reiterated the agency’s previous claims on its authority over prediction markets, stemming from Rhode Island Attorney General Peter Neronha suing Kalshi and Polymarket and asking for a declaration that the platforms’ sports-related “event contracts” amounted to bets.Event contract on when a prediction markets case could go to the US Supreme Court. Source: PolymarketDonald Trump weighs in, despite family ties to prediction marketsOn Wednesday, US President Donald Trump took to social media, claiming that it was “critically important” that the CFTC had sole authority over prediction markets. His son, Donald Trump Jr., is an adviser to Kalshi and Polymarket and invested in the latter through his venture capital firm, 1789 Capital.“We want to remain at the top,” said Trump, referring to prediction markets and insulting state officials behind some of the lawsuits against Kalshi and Polymarket.The platforms have come under scrutiny in the US Congress amid concerns over elected officials potentially being engaged in insider trading. Last week, the chair of the House of Representatives’ Oversight and Government Reform Committee called on the CEOs of Kalshi and Polymarket to answer questions related to the companies’ response to insider trading. Magazine: Big Questions: Do we really only need 2–5 cryptocurrencies?

US President Donald Trump said Wednesday that he intended to codify a “future-proof digital asset market structure,” likely referring to the Digital Asset Market Clarity Act (CLARITY) under consideration in the US Senate.In a post to his Truth Social platform for the second time this week on policy claims potentially affecting the cryptocurrency industry, Trump said the law would prevent “crypto haters” in future administrations from rolling back regulations affecting digital assets.Source: Donald TrumpSince its passage by the US House of Representatives in July 2025, the CLARITY Act has faced months of delays in the Senate amid government shutdowns, pushback from crypto and banking industry representatives and concerns over conflicts of interest, including those involving the Trump family. The president or his sons are tied to memecoin projects, the platform World Liberty Financial, that platform’s USD1 stablecoin and a Bitcoin mining company.Although lawmakers on the Senate Agriculture Committee and Senate Banking Committee have already advanced the CLARITY Act following respective markups in January and May, the bill faces other hurdles before a potential vote in the full chamber. Republicans hold a slim majority in the Senate and will need Democratic votes to pass the bill, but some lawmakers have signaled they will withhold support without provisions on ethics.Related: US CLARITY Act will be a ‘boon for domestic innovation’: A16zThe price of Bitcoin dropped under $73,000 from more than $74,000 in the hours following Trump’s pledge to “never let crypto down.” At the time of publication, the price of the biggest cryptocurrency by market cap was $73,467.Trump’s remarks echoed those of his hand-picked chair of the US Securities and Exchange Commission (SEC), Paul Atkins, who in October said the agency would work to future-proof “future potential changes,” including those affecting crypto. DeFi Technologies President Andrew Forson told Cointelegraph at the time that it would be difficult for a future SEC chair to “fully reverse” previously enacted policies, but they could be made overly burdensome for regulators.Trump weighs in on prediction market legal battleWednesday’s Truth Social post followed Trump’s comments that reiterated claims made by Commodity Futures Trading Commission (CFTC) Chair Michael Selig — also the president’s pick to head the agency — that the regulator had “exclusive jurisdiction” over prediction markets like Kalshi and Polymarket. Trump’s son, Donald Trump Jr., is an adviser to Kalshi and Polymarket.Several state authorities have filed lawsuits against prediction markets, alleging that the companies offer illegal bets on sporting events without a license. The CFTC has responded with its own countersuits. Magazine: Big Questions: Do we really only need 2–5 cryptocurrencies?