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Appeals court blocks New Jersey from shutting down Kalshi’s sports markets

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Appeals court blocks New Jersey from shutting down Kalshi's sports markets

An appeals court ruled Monday that New Jersey could not temporarily ban prediction market provider Kalshi, giving the platform a much-needed win against an onslaught of state enforcement actions.

A Third Circuit Court of Appeals panel ruled in a 2-1 vote that the state could not bring an enforcement action against Kalshi because the company’s products are subject to the federal Commodity Exchange Act, rather than New Jersey state gambling laws.

“Kalshi began offering sports-related event contracts on its DCM exchange,” the majority ruling said. “Kalshi self-certified compliance with the applicable laws and regulations, so those event contracts were presumptively approved under federal law … To date, the CFTC has not determined that Kalshi’s sports-related event contracts are contrary to the public interest.”

The CFTC has not commenced any enforcement actions against “sports-related event contracts,” the ruling, signed by Chief Judge Michael Chagares and Circuit Judge David Porter said.

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“New Jersey argues that Kalshi’s event contracts are not ‘swaps’ covered by the Act because the outcome of a sports game is not ‘joined or connected’ with a financial, economic, or commercial instrument or measure,’” the ruling went on to add. “But its proposed ‘joined or connected’ requirement raises the bar beyond what the [Commodity Exchange] Act requires.”

Circuit Judge Jane Roth, who penned a dissent, said the New Jersey state rules did not “undermine the congressional objectives” under the Commodity Exchange Act, and the actual products available on Kalshi’s platform “are sports gambling,” pointing to contracts betting on the winner of a National Football League game, the point spread in that game and combined number of points scored as examples.

States throughout the U.S. have started filing lawsuits or issuing cease-and-desist orders to prediction market providers, including Kalshi and Polymarket, alleging that their sports-related contracts violate state gambling laws. The CFTC has contended that prediction markets, or event contracts, are swaps governed by the Commodity Exchange Act, which preempts these state rules.

Different courts have issued divergent rulings. Some state courts have filed initial temporary restraining orders or preliminary injunctions in the states’ favor, while federal district courts have been more mixed.

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Appeals courts have similarly been mixed. While the Third Circuit’s ruling on Monday suggests that prediction market providers will prevail on their argument that the Commodity Exchange Act preempts these state rules, the Ninth Circuit declined to block another state enforcement action from Nevada last month, clearing the way for that state to secure a temporary restraining order and preliminary injunction against Kalshi. There will be another Ninth Circuit hearing later this month with a number of companies.

CFTC Chairman Michael Selig, speaking Monday at an event hosted by Vanderbilt University and the Blockchain Association, said it was important that the federal regulator defend its “exclusive jurisdiction over these markets.” The CFTC filed an amicus curiae brief to the Ninth Circuit ahead of the hearing taking place next week.

“Our definition of commodity and statute is very broad. It includes events on sports, it includes events on politics, it includes corn and grains and all sorts of things,” he said. “It doesn’t really distinguish between if you’re offering an event contract on grains, [that] you’re regulating that differently than an event contract on sports.”

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Georgia AI chatbot bill heads to governor as session ends

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Georgia AI chatbot bill heads to governor as session ends

Georgia’s legislature adjourns today, April 6, having sent three AI-related bills to Governor Brian Kemp’s desk, the most notable being a Georgia AI chatbot bill that mandates disclosure, child protections, and crisis response protocols for self-harm.

Summary

  • Georgia’s SB 540, a chatbot disclosure and child safety bill, requires operators to notify users they are interacting with AI, limit certain actions by minors, offer privacy tools, and follow protocols when users express suicidal ideation or intent to self-harm
  • Two additional bills also await the governor: SB 444, which bans AI-only health insurance coverage decisions, and SR 789, a resolution creating a study committee on AI’s broader societal impact
  • Georgia’s SB 540 stands out nationally because it contains no carve-out for chatbots embedded within larger platforms, meaning major tech companies including Meta and Google would need to comply

Georgia’s 2026 legislative session is closing today with three AI bills awaiting Governor Brian Kemp’s signature, including a Georgia AI chatbot bill that is drawing national attention for its breadth and lack of industry exemptions, according to the Transparency Coalition AI’s legislative tracker. The package arrives as more than 27 states advance chatbot safety legislation in 2026, creating a fast-moving patchwork of AI regulations that the White House has publicly warned against.

Georgia’s SB 540 passed the Senate on March 6, cleared the House on March 25, and received Senate agreement on the reconciliation version on March 27. The bill requires chatbot operators to notify users that they are interacting with AI, implement steps that limit certain interactions with minors, provide privacy tools, and establish response protocols when users express suicidal ideation or self-harm intent.

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What makes the bill unusual nationally is that it does not include a carve-out for chatbots embedded within a broader service, an exemption that most similar bills include and that would otherwise shield platforms like Meta and Google from having to comply. As crypto.news reported, the global push for chatbot child safety regulation gained momentum earlier this year when UK Prime Minister Keir Starmer signalled plans to bring AI chatbots under stricter online safety rules, citing identical concerns around emotional dependency and unregulated AI-generated advice to minors.

The Other Two Bills on Kemp’s Desk

SB 444 prohibits health insurance coverage decisions from being based solely on AI systems or software tools, requiring human involvement in coverage determinations. It addresses a growing concern that automated denial systems are replacing clinical judgment without appropriate oversight.

SR 789 is a Senate resolution creating a Senate Study Committee on the Impact of Artificial Intelligence, a recognition that Georgia’s legislature intends to keep engaging on the issue after adjournment.

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A State-Level Wave the White House Is Watching

As crypto.news has noted, the acceleration of AI safety regulation without clear standards risks creating a compliance landscape where enforcement is inconsistent and under-resourced. The Trump administration has explicitly warned states against “onerous” AI laws and is pushing for a national standard to preempt state-level patchworks. A 10-year moratorium on state AI laws was proposed in the One Big Beautiful Bill Act last summer but was removed from the final legislation in a 99-to-1 Senate vote.

Tennessee’s Governor Bill Lee recently signed an AI therapy bot ban into law. Idaho approved four AI bills before session end. With Georgia now adjourning, the 2026 state AI legislative wave has not peaked.

“SB 540 is a chatbot disclosure and child safety bill, requiring notification of AI nature, steps to limit certain actions by minors, provide privacy tools, and protocols for response to suicidal ideation or self-harm,” the Transparency Coalition AI wrote in its April 3 legislative update. Whether Governor Kemp signs or vetoes the bills will be one of the first signals of how Republican-led states will navigate Washington’s pressure to stand down on AI regulation.

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Bitcoin Eyes $110K as Strategy Absorbs Nearly 3x New BTC Supply

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Bitcoin Eyes $110k As Strategy Absorbs Nearly 3x New Btc Supply

Bitcoin Eyes $110k As Strategy Absorbs Nearly 3x New Btc Supply

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This article was originally published as Bitcoin Eyes $110K as Strategy Absorbs Nearly 3x New BTC Supply on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

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Senate Banking Committee Sets April Timeline for Landmark Crypto Regulation Vote

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

Key Takeaways

  • April deadline set for Senate Banking Committee vote on comprehensive crypto framework

  • Legislators work to clarify jurisdictional boundaries between SEC and CFTC

  • Election cycle considerations accelerate timeline for digital asset legislation

  • Policy disputes over stablecoins and token classification near resolution

  • Committee markup process represents critical milestone for regulatory clarity

The United States Senate is positioning itself for a significant advancement in digital asset policy as April emerges as the critical month for legislative action. With the Senate Banking Committee preparing to restart formal proceedings, a comprehensive regulatory framework may finally transition from prolonged discussions to concrete legislative measures.

Committee Leadership Confirms April Restart for Digital Asset Legislation

Senator Bill Hagerty has publicly confirmed that the Senate Banking Committee intends to reconvene discussions on cryptocurrency policy during April. Committee leadership has expressed determination to advance the proposed legislation through formal markup procedures in the coming weeks. This commitment reflects a significant shift in momentum following extended periods of legislative inactivity.

Lawmakers temporarily suspended earlier initiatives following political challenges and persistent disagreements over fundamental policy elements. Nevertheless, committee participants now demonstrate greater consensus regarding the necessity of moving forward with structured legislative action. Consequently, the upcoming month represents a potentially transformative period for federal cryptocurrency policy development.

Before any consideration reaches the full Senate chamber, the Banking Committee must complete its comprehensive review and formal approval procedures. Additionally, collaboration with the agriculture committee remains essential given the overlapping supervisory responsibilities for commodity-related digital assets. Therefore, successful advancement requires sustained cooperation across multiple legislative bodies.

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Regulatory Authority Division Remains Central to Legislative Framework

The proposed legislative structure focuses extensively on establishing clear jurisdictional boundaries between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Presently, both regulatory agencies maintain competing claims over various categories of digital assets. This ambiguity has created an environment where enforcement actions substitute for comprehensive regulatory guidance.

The SEC’s approach typically classifies numerous digital tokens as securities requiring registration and disclosure compliance, whereas the CFTC designates prominent cryptocurrencies as commodities subject to futures market oversight. Such divergent interpretations have resulted in fragmented enforcement rather than coherent industry standards. Accordingly, the pending legislation attempts to establish definitive jurisdictional parameters and eliminate regulatory overlap.

Draft provisions include mandatory licensing frameworks for cryptocurrency exchanges and custodial service providers. Additional requirements would establish standardized disclosure obligations for entities issuing new tokens. These measures collectively aim to create predictable compliance pathways throughout the digital asset ecosystem.

Electoral Considerations and Stakeholder Engagement Shape Legislative Schedule

The accelerated timeline for cryptocurrency legislation reflects increasing awareness of digital asset policy as an electoral consideration ahead of 2026 congressional elections. Legislative leaders acknowledge the expanding political influence exercised by cryptocurrency advocacy organizations and industry coalitions. This recognition has elevated regulatory clarity to a matter of strategic political importance.

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Coinbase representatives and allied industry participants have reported meaningful progress in resolving previously contentious policy matters. Outstanding concerns regarding stablecoin interest-bearing functionality and ethical questions surrounding asset tokenization appear closer to compromise. These developments suggest that major obstacles to bipartisan support may be diminishing.

Political action committees focused on cryptocurrency issues have substantially increased their financial participation and campaign engagement throughout recent election cycles. This expanding political footprint continues to influence legislative agenda-setting within Congress. Subsequently, digital asset regulation has become intertwined with broader electoral strategy considerations.

Lawmakers recognize the strategic value of securing committee approval before campaign activities intensify later in the year. However, several technical specifications and jurisdictional details require additional negotiation and refinement. Accordingly, while legislative momentum has clearly increased, final passage remains contingent on resolving these remaining complexities.

Achieving a positive committee vote would establish the first comprehensive legislative framework for digital assets at the federal level. Such progress would significantly reduce the regulatory uncertainty that has constrained domestic innovation and market development. Ultimately, this legislative initiative could fundamentally alter the United States’ approach to digital financial infrastructure and establish a model for coordinated regulatory oversight.

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Trump’s Iran Deadline and the Case for a $75K Bitcoin Price Rally

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Trump’s Iran Deadline and the Case for a $75K Bitcoin Price Rally

Key takeaways:

  • President Trump’s Tuesday deadline to Iran creates a pivotal moment for Bitcoin as it continues to decouple from gold.

  • While a ceasefire could boost equities, Bitcoin’s $75,000 path depends on its role as a hedge against fiscal instability.

BTC may benefit from (no) US-Iran ceasefire

There is a high probability that US President Donald Trump’s Tuesday deadline to Iran could be the catalyst needed for a Bitcoin (BTC) rally above $75,000.

Should a deal fail to materialize, Bitcoin’s risk perception could strengthen due to its unique decentralized properties. Conversely, a positive outcome in negotiations would likely propel risk assets, including Bitcoin.

President Trump issued an ultimatum to Iran on Sunday, warning the nation would be “living in Hell” if the Strait of Hormuz is not reopened by Tuesday at 8:00 pm ET. However, CNBC reports that Trump has been “vacillating” between productive dialogue and the intensification of military action.

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Senior Iranian officials reportedly stated the strait will remain blocked until Iran receives compensation for war damages.

Gold/USD (left) vs. Bitcoin/USD (right). Source: TradingView

These mixed signals failed to convince market participants on Monday, as US stock markets traded mostly flat. In contrast, Bitcoin jumped above $69,000 for the first time in over 10 days—a trend made more notable by gold prices holding near $4,650, down 17% from a $5,600 all-time high.

Bitcoin slowly catching up to gold

Traders are increasingly concerned that central banks will be forced to liquidate their gold reserves. The Turkish Central Bank reported sales of 50 tonnes of gold for the week ending March 20, the sharpest decline in over seven years.

According to Reuters, Turkey has also sold $26 billion in foreign currencies to stabilize markets since the US and Israel-Iran war broke out in late February. Similarly, Russian gold reserves measured in tons have dropped to their lowest levels in four years.

A ceasefire in Iran, even if temporary, would almost certainly bolster risk markets, though the implications for Bitcoin are less certain.

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Traditional corporations remain heavily dependent on energy costs and global logistics. Therefore, any reduction in geopolitical risk is immediately reflected in equity prices.

However, a deal between the US and Iran would likely have a less direct impact on Bitcoin, as a resolution would likely strengthen the demand for US Treasuries.

Crude West Texas Oil (left) vs. US 5-year Treasury yield (right). Source: TradingView

Yields on the US 5-year Treasury note surged to 4% from 3.55% in late February, signaling that investors are demanding higher returns to hold those bonds. While part of this selling pressure stems from fears of sticky inflation driven by high oil prices, there is also the added burden on the US fiscal debt due to increased spending on military operations.

An eventual ceasefire and renewed confidence in the US Treasury reduces the necessity for alternative hedges and independent financial systems such as Bitcoin.

However, even if the Strait of Hormuz is reopened, Mohit Mirpuri, an equity fund manager at SGMC Capital, warned that “the damage to confidence and supply chains is already done — things don’t just snap back to normal.”

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Related: Iran war bets turn prediction markets into real-time macro radar—Sygnum

Predicting that the Bitcoin price will rally 8% by Tuesday based solely on a potential resolution to the US and Israel-Iran war seems far-fetched. Investors are gradually adjusting to President Trump’s characteristic back-and-forth, especially when negotiations involve unreliable third parties.

Traders are unlikely to provide the benefit of the doubt in this instance, so sustainable bullish momentum for risk markets could take longer to materialize. Nevertheless, the case for a $75,000 Bitcoin rally remains possible in the event of a positive outcome by Tuesday.