The US Commodity Futures Trading Commission (CFTC), under Chair Michael Selig, has filed a lawsuit against the state of Minnesota and its officials after lawmakers passed a bill “prohibiting prediction markets-related activities.”

In a Tuesday filing in the US District Court for the District of Minnesota, the CFTC said that Minnesota, Governor Tim Walz, Attorney General Keith Ellison and the state’s director of the department of public safety, Jon Anglin, had passed the “first outright ban” on prediction markets in the country with Senate File (SF) 4760. 

Signed into law by Walz on Monday, the bill amended Minnesota’s statutes to prohibit advertising, creating, operating or otherwise facilitating prediction market platforms, effectively banning them in the state. The law, set to go into effect on Aug. 1, specifically said that the event contracts on prediction markets platforms like Kalshi and Polymarket, including sporting events, military conflicts and weather were effectively “wagers” and therefore prohibited.

Source: CFTC

The CFTC claims in its lawsuit that it has “exclusive jurisdiction” to oversee prediction markets under the Commodity Exchange Act. The commodities regulator asked a court to “preliminarily and permanently” block the Minnesota law based on the legal premise that event contracts on the platforms were “swaps” to be regulated exclusively by the CFTC.

“If permitted to go into effect, Minnesota law will criminalize exchanges that the Commission has expressly approved, as well as event contracts that have been self-certified to the Commission and that the Commission has permitted to be listed,” said the lawsuit. “These consequences directly harm the federal government’s legally protected interest in enforcing federal law.”

Related: Crypto’s CLARITY Act faces partisan fight over ethics on Senate floor

Selig, who currently serves as the sole commissioner in the absence of nominations from US President Donald Trump, has repeatedly claimed that state-level actions against prediction market platforms would be challenged in court. Lawmakers have pressed Trump to nominate additional commissioners to form a five-person bipartisan panel at the CFTC, but the president had not announced any picks as of Tuesday.

Several state authorities have filed complaints challenging prediction market platforms’ activities, specifically alleging illegal sports betting and other prohibited actions, but Minnesota’s law appeared to be the first outright ban passed by lawmakers. The CFTC has recently sided with Kalshi in a state-level action filed in Ohio, as well as against authorities in Connecticut, Illinois, and New York over similar actions against prediction markets.

Source: Michael Selig

Cointelegraph sought comment from Polymarket but did not receive an immediate response. A Kalshi spokesperson said that the Minnesota law was “unenforceable” and a “blatant violation of the constitution and federal law.”

Minnesota passing other laws covering crypto users, investors

On Friday, Walz signed a bill into law permitting Minnesota-based banking institutions and credit unions to offer and perform “certain virtual-currency custody services.” Like the prediction markets ban, the law is set to go into effect on Aug. 1.

Minnesota lawmakers also worked to ban crypto kiosks and ATMs across the state in response to incidents of residents being scammed. Walz signed the bill into law on May 5.

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Galaxy Research raised its CLARITY Act passage odds to 75% after the May 14 Senate Banking vote.

Galaxy Digital’s head of firmwide research Alex Thorn raised his estimate of the CLARITY Act becoming law in 2026 to 75%, citing the Senate Banking Committee’s 15 to 9 bipartisan vote on May 14 as the breakthrough the bill needed.

Thorn posted the timeline in Galaxy Research’s weekly brief on May 16: Senate Banking and Agriculture reconciliation in early June, Senate floor consideration by mid-June, final Senate passage before the end of June, House reconciliation through July, and a potential Trump signature the week of Aug. 3.

U.S. President Donald Trump has directed the Federal Reserve to review whether fintech and crypto firms should receive direct access to the central bank’s payment infrastructure through a new executive order focused on financial technology policy.

Under the order signed Tuesday, titled “Integrating financial technology innovation into regulatory frameworks,” the Trump administration said federal agencies should remove regulations it considers unnecessarily restrictive for financial technology firms operating in digital assets and blockchain services.

Within the order, the White House specifically asked the Federal Reserve to conduct a comprehensive review of its policies governing access to Reserve Bank payment accounts and payment services. Officials were also instructed to examine whether existing rules could be expanded to accommodate non-bank fintech and crypto firms.

Federal Reserve banks currently have authority under the Federal Reserve Act to approve or reject access requests for payment services. In practice, those accounts are typically reserved for licensed depository institutions, a requirement that has pushed several crypto companies to pursue banking-style charters in recent years.

At the same time, the administration asked the Fed to clarify whether the 12 regional Federal Reserve banks can independently approve or deny access to payment accounts, commonly known as master accounts.

Such accounts would allow crypto firms to connect directly to payment systems like Fedwire without depending on intermediary banking partners for dollar settlement and transfers.

Kraken approval intensified industry debate

Pressure around the issue increased after the Kansas City Federal Reserve approved a limited-purpose master account for Payward, the parent company of crypto exchange Kraken, earlier this year.

The arrangement gave Kraken Financial, the company’s Wyoming-chartered banking arm, direct access to core U.S. payment rails used for high-value settlements. According to earlier statements from Kraken Co-CEO Arjun Sethi, the approval represented the “convergence of crypto infrastructure and sovereign financial rails.”

Even so, the account came with restrictions. Under the Federal Reserve’s limited-purpose structure, institutions can access payment systems but cannot earn interest on reserves or borrow from the Fed’s discount window.

Soon after the approval became public in March, several U.S. banking organizations criticized the decision. The Independent Community Bankers of America said it had “deep concerns” about allowing a crypto-focused institution to access the Fed’s infrastructure under a different regulatory framework than traditional banks.

Meanwhile, the Bank Policy Institute argued the Kansas City Fed approved what it described as a “skinny” master account before the Federal Reserve finalized a formal policy governing such arrangements.

Banking groups also raised concerns over Kraken Financial’s status as a Wyoming Special Purpose Depository Institution, or SPDI, since SPDIs are not federally insured like conventional banks. According to those industry groups, granting uninsured institutions direct settlement access could create compliance and financial stability risks.

Back in December, the Federal Reserve released a proposal outlining a framework for limited-purpose master accounts. The proposal described a restricted version of central bank access that would permit payment system connectivity while excluding features traditionally available to banks.

Support for expanding access has also emerged in Congress. Last month, California Representatives Sam Liccardo and Young Kim introduced the Payments Access and Consumer Efficiency Act, known as the PACE Act, which seeks to allow certain non-bank providers access to Federal Reserve payment services.

Although the bill remains in its early stages, crypto industry groups have publicly backed the proposal as part of a push to integrate digital asset firms more directly into the U.S. financial system.

Bitget Wallet said it has integrated xStocks infrastructure, giving its 90 million users access to more than 130 tokenized stocks and ETFs through its self-custodial wallet platform.

The integration expands Bitget Wallet’s tokenized real-world assets offering to more than 300 products, including equities, commodities, precious metals and index-linked assets, according to a Tuesday announcement.

The company said its tokenized equity products have processed more than $30 billion in transaction volume since launching in 2025. The products are not available in the United States, United Kingdom or other restricted jurisdictions, according to the company.

Bitget Wallet said the launch supports both request-for-quote (RFQ) and automated-market-maker (AAM) liquidity models and allows users to trade tokenized assets with zero trading fees and gasless execution.

According to the company, users can access tokenized equities and other real-world assets from the same interface used for cryptocurrency trading, swaps and storage while retaining control of their private keys and funds.

It is now operated by Payward, the parent company of Kraken, which acquired the tokenized equities platform through its purchase of Backed Finance in late 2025.

Related: Ondo brings proxy voting to tokenized stocks and ETFs with Broadridge

Competition grows in tokenized equities market

Crypto exchanges and trading platforms are fast expanding into tokenized equities and stock-linked derivatives offerings.

In March, Coinbase launched stock perpetual futures for international users, offering leveraged 24/7 exposure to publicly traded US equities through its derivatives platform. 

Kraken also expanded its xStocks business recently with bundled crypto-and-equity investment products and tokenized equity perpetual futures for non-US users, while Binance said earlier this year it was exploring a return to tokenized equities after shutting down its stock token business in 2021 following regulatory scrutiny in Europe.

Data from RWA.xyz shows the tokenized equities market has grown to nearly $1.5 billion, with products linked to companies including Circle, Nvidia, Tesla, Alphabet and Strategy among the sector’s largest assets.

Ondo is currently the largest tokenized stocks platform by represented asset value at roughly $883 million, followed by xStocks at about $391.5 million. Several xStocks products linked to Strategy, Tesla, Nvidia and the S&P 500 index rank among the largest tokenized equity assets tracked by RWA.xyz.

Snapshot of global Tokenized Stocks sector. Source: RWA.xyz

Magazine: ETH stalls at $2.4K five times, SOL to rally to $120: Market Moves

CHONGQING, China — China’s Commerce Ministry on Wednesday confirmed an agreement to purchase 200 Boeing aircraft, as well as engines and spare parts.

A Commerce Ministry official said aviation was key to deepening cooperation between China and the U.S.

“In accordance with the important consensus reached by the Chinese and U.S. leaders, China’s aviation industry will introduce 200 Boeing aircraft based on commercial principles and its own needs for air transport development,” the official said in a statement.

U.S. President Donald Trump told Fox News last week that China would purchase 200 Boeing airplanes. While the figure was less than half of what analysts had expected, it marked the first major Chinese order for the aircraft since 2017.

Boeing, which manufactures most of its commercial aircraft in Seattle, could receive additional orders from Chinese airlines in the future, a Washington state commerce official told CNBC on Tuesday.

“Boeing has a lot of demand, a little bit of a waitlist, so I believe that it’s only logical to me that there would be more orders in the future,” said Andrea Chartock, assistant director, Office of Economic Development and Competitiveness at the Washington State Department of Commerce.

“We are very happy to hear about this announcement,” Chartock told CNBC on Tuesday. The state has “a whole industry around Boeing” with suppliers ranging from space to satellites, she noted.

China’s civil aviation regulator said Sunday it met with Boeing CEO Kelly Orthberg a few days earlier. The executive was part of Trump’s delegation to China.

Boeing did not immediately respond to a CNBC request for comment.

The U.S. Senate advanced a measure that could force President Donald Trump to seek congressional approval for the Iran war, while Bitcoin (BTC) remained little changed near $77,200 at press time.

The procedural vote passed 50-47 on May 19, with four Republicans joining most Democrats. Reuters reported that the measure would end the Iran war unless Trump gets authorization from Congress.

The resolution still faces a difficult path. It must pass the full Senate and the Republican-led House. Trump could veto it, and Congress would need two-thirds support in both chambers to override him.

Kaine says Congress must decide

Democratic Senator Tim Kaine, who sponsored the bill, said Congress should decide whether the U.S. stays in the conflict. He wrote that Trump launched an “illegal war” 80 days earlier.

Kaine added, “Congress has the power to slam the brakes on this unwise conflict.” Republican Senator Bill Cassidy also backed the vote, saying the White House and Pentagon had left Congress “in the dark” on Operation Epic Fury.

Meanwhile, the conflict has weighed on global markets because of fuel and energy concerns tied to the Strait of Hormuz. Reuters reported that U.S. and Israeli forces began striking Iran on Feb. 28, while the U.S. later said a ceasefire had ended hostilities.

Related market coverage has shown how Iran headlines can move Bitcoin quickly. Bitcoin jumped near $79,500 in April after reports of a new Iran proposal, before a sharp pullback erased the gains and crypto liquidations reached about $275 million.

Bitcoin reaction remains muted

Bitcoin had not moved much after the Senate vote, trading around $77,200 at the time of writing, according to crypto.news data. The muted reaction showed that traders were still focused on macro data, oil prices, inflation, and the next step in Congress.

HashKey Group senior researcher Tim Sun said the vote “directly indicates” rising political pressure on Trump. He added that the signal was a “relatively mild positive catalyst” for risk assets, not a decisive driver.

Analysts watch risk appetite

Bitrue Research Institute research lead Andri Fauzan Adziima gave a stronger market view. He said the vote could be “a strong bullish catalyst for crypto,” with Bitcoin possibly seeing a 6% to 10% relief rally.

Past market moves support the idea that de-escalation headlines can affect Bitcoin. Separate coverage in April reported that Bitcoin held near $75,000 as ETF inflows reached $597.50 million over two days during renewed U.S.-Iran ceasefire hopes.

Still, the resolution is not law. The next market reaction may depend on whether Congress advances the bill, whether Trump resists it, and whether tension around Iran and the Strait of Hormuz eases.

Bankr, an AI-powered trading assistant that executes crypto actions via natural language prompts, said it temporarily halted transactions after detecting an attacker who gained access to at least 14 Bankr wallets. Some users reported losses reaching as high as $150,000 per compromised wallet, according to posts from the Bankr team on X. The company indicated it is investigating the intrusions and would reimburse all affected users, though no final timeline for compensation was provided.

The incident highlights the ongoing risks inherent in automated, AI-assisted crypto tools that generate wallets and execute trades on behalf of users. Bankr stated that it “temporarily locked things down” to preserve assets while it reviews the scope of the breach, and cautioned users to avoid signing transactions until further notice. The company also warned that a seed phrase exposure could be involved in at least one case, suggesting that the compromise may extend beyond a single attack vector.

Key takeaways

• Attack surface: Bankr reports unauthorized access to 14 wallets, with transaction types including swaps, transfers, and deployments interrupted during the investigation.
• Financial impact: Early user reports indicate losses potentially reaching $150,000 per compromised wallet, with some accounts affected across different user projects.
• Security guidance: Bankr advised users to refrain from signing transactions, halt usage of compromised wallets, create new wallets on clean devices, generate new seed phrases, move remaining assets, and revoke approvals where possible.
• Likely attack vector: Security researchers cited a social engineering scene targeting the trust layer between automated agents—specifically a dialogue between Grok and Bankrbot—that enabled unauthorized transaction signing.
• Broader risk context: The incident comes amid a string of high-profile exploits in 2024, underscoring ongoing threats to bridges, wallets, and AI-assisted trading tools.

Unfolding narrative: how the breach appears to have occurred

Bankr’s public updates describe a scenario where an attacker exploited the interaction between automated agents in its ecosystem, enabling the signing of transactions without user consent. SlowMist founder Yu Xian attributed the breach to a social engineering chain involving both Grok, an AI assistant, and Bankrbot, the Bankr companion bot. In his assessment, the attacker leveraged a trust gap between the two bots to push through unauthorized actions, a pattern he described as a prompt-injection vulnerability tied to the agents’ collaboration.

Three attacker addresses were identified by researchers, collectively holding about $440,000 in various cryptocurrencies. Yu Xian noted this incident as part of a broader class of social-engineering exploits that target the “trust layer” between automated agents, allowing attackers to co-opt signing capabilities that normally require user consent. This mirrors earlier concerns about prompt-injection-style exploits in AI-enabled crypto tools, where attackers manipulate prompts and flows to bypass standard security checks.

Some observers linked the vulnerability to prior incidents involving Bankr’s ecosystem, including an episode where a Grok-Bankrbot integration was leveraged to move assets allocated to Bankr through a token-launch prompt, ultimately draining funds to an attacker-controlled wallet. The current breach, however, appears more focused on unauthorized signing rather than a single token deployment, suggesting a broader weakness in the trust chain among connected AI agents rather than a one-off misconfiguration.

Security guidance from Bankr: steps for users to take now

As a precaution, Bankr urged users not to sign transactions until it provides a further update. It also suggested that anyone with a compromised wallet should stop using that wallet, create a new one, generate a fresh seed phrase on a clean device, and transfer any remaining tokens or nonfungible tokens to the new address. Users should also revoke approvals for assets that cannot be moved, to minimize the risk of drained funds.

Bankr underscored the likelihood that attackers exploited existing approvals to siphon funds and called on users to check devices for malware and suspicious browser extensions. For those who used software wallets, Bankr warned that the leak could originate from the user’s device rather than the service itself, reinforcing the message that securing the endpoint remains critical in AI-assisted crypto workflows.

The company’s public updates also included an explicit reassurance: it plans to reimburse all lost funds. Yet the exact mechanism and timing of repayments remain to be clarified as investigations proceed. In the meantime, the incident has prompted a broader reminder to practitioners and builders: when AI agents operate with wallet-level privileges, a misstep in the prompt or a social-engineering breach can have outsized consequences.

Industry context: rising attack surface in AI-assisted crypto tools

Security researchers have repeatedly flagged the vulnerability of AI-driven trading assistants and bot-native ecosystems, where multiple automated agents share accounts, keys, or signing powers. The Bankr breach adds to a recent wave of high-profile exploits that show the sector’s fragility in the face of sophisticated social-engineering and prompt-injection techniques. In the first quarter of the year, crypto hackers reportedly stole about $168.6 million, underscoring the persistent threat environment. Notable April incidents include the Drift Protocol exploit, which saw $280 million affected, and the $292 million Kelp attack. More recently, Verus Protocol’s Ethereum bridge was reported exploited, illustrating that disruptions remain widespread across bridges, wallets, and AI-enabled interfaces.

For investors and developers, the takeaway is not only to monitor on-chain activity but to rethink how AI agents authenticate and execute critical actions. The Bankr case suggests that even when a platform claims to automate complex operations, user-initiated permissions and robust endpoint security remain essential barriers to prevent unauthorized fund movement.

What comes next: monitoring the reimbursement and security fixes

As Bankr conducts its internal audit and collaborates with security researchers, readers should watch for updates on how reimbursements will be processed and whether new safeguards will be introduced to harden the bot ecosystem against social-engineering and prompt-injection exploits. The company’s commitment to reimbursing losses is a favorable signal, but the timeline and scope will determine the practical impact for affected users.

In the broader market, the incident reinforces the need for users of AI-assisted finance tools to adopt best practices: isolate seed phrases on secure devices, minimize cross-app approvals, and remain cautious about signing transactions prompted by bots. For builders, the episode adds urgency to develop fail-safes around multi-agent authorization flows and to implement transparent, auditable prompts and signing processes that can be reviewed by users and security teams alike.

As the investigation unfolds, the crypto community will be looking for concrete steps that reduce the risk of similar breaches while preserving the productivity gains that AI-powered trading assistants aim to deliver. The balance between automation and security remains the defining challenge for this rapidly evolving segment of the ecosystem.

Readers should expect ongoing updates on Bankr’s investigation, the scope of compromised assets, and any new security measures designed to curb social-engineering exploits within AI-enabled trading workflows.

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