A federal appeals court ruled on Aug. 28 that Kalshi had not shown Nevada’s regulation of its sports-event contracts was likely preempted by federal commodities law.

The unanimous decision allows Nevada gaming authorities to enforce state requirements while litigation continues.

The Ninth Circuit opinion also raised concerns under the major-questions doctrine. However, it did not invalidate the Commodity Futures Trading Commission’s proposed event-contract rules or decide whether a future final rule would survive an Administrative Procedure Act lawsuit.

Kalshi ruling preserves Nevada’s sports-betting authority

Kalshi argued that its sports-event contracts qualified as swaps under the Commodity Exchange Act. Because Kalshi operates a CFTC-regulated designated contract market, it said federal jurisdiction displaced Nevada’s gaming laws.

The Ninth Circuit rejected that argument at the preliminary-injunction stage. It found that the contracts likely fell outside the applicable meaning of “swap” because they functioned as sports bets. The panel consequently rejected Kalshi’s express, conflict and field-preemption arguments.

Circuit Judge Ryan Nelson wrote that “the CFTC is not a national gambling regulator.” The court said Kalshi’s broader interpretation lacked a limiting principle and did not fit the surrounding statutory framework.

As crypto.news reported, the 3-0 ruling affirmed the dissolution of an earlier injunction protecting Kalshi from Nevada enforcement. The panel returned Nevada’s separate election-contract claims to the district court for further review.

Major-questions language does not end CFTC rulemaking

Gaming attorney Daniel Wallach argued that the CFTC’s rulemaking was “DOA” because of the court’s major-questions analysis. In an Aug. 29 post, he predicted APA litigation in a California federal court.

That prediction extends beyond the court’s direct holding. The opinion said Kalshi’s broad interpretation of “swap” “would raise concerns under the major-questions doctrine.” It did not hold that the doctrine categorically prevents the CFTC from regulating prediction markets.

Ripple CTO emeritus David Schwartz disputed Wallach’s reading. “This seems to be incorrect to me,” Schwartz wrote. He argued that Congress could create a federal framework for exchange-traded contracts without displacing conventional state-regulated sportsbooks.

Schwartz’s comments represented his interpretation, not a Ripple corporate position or judicial finding. The ruling addressed whether Kalshi had demonstrated a likelihood of success on its preemption claim.

CFTC proposal remains pending but faces new risks

The CFTC’s June proposal would amend Rule 40.11, which governs event contracts involving gaming, terrorism, assassination, war and activities unlawful under federal or state law.

The proposal would establish a 90-day review process and define how the agency interprets “gaming” and when a contract “involves” an enumerated activity. The CFTC would evaluate covered contracts individually using specified public-interest factors.

The Federal Register notice closed for public comments on July 27. The agency can revise, finalize or withdraw the proposal after reviewing those submissions.

A final rule could face an APA challenge over statutory authority, procedure or agency reasoning. Wallach predicted such a lawsuit, but no matching complaint had been verified when the debate emerged.

Circuit split raises Supreme Court stakes

The Ninth Circuit’s decision conflicts with a Third Circuit ruling favoring Kalshi in its dispute with New Jersey. That disagreement makes Supreme Court review more plausible, although review is not guaranteed.

New Jersey faced a Sept. 3 deadline to seek further review of the Third Circuit decision, according to Reuters. Kalshi could also seek Ninth Circuit rehearing or petition the Supreme Court, but neither action was immediately confirmed.

The jurisdictional dispute extends beyond Nevada. As previously reported in crypto.news coverage of the prediction-market conflict, several states classify sports contracts as gambling products requiring local licenses. Kalshi maintains that federal derivatives regulation preempts those requirements.

For now, Nevada can enforce its gaming laws against Kalshi’s sports contracts. The CFTC proposal remains alive, but the Ninth Circuit opinion provides prospective challengers with another argument against any final rule claiming broad authority over sports-event markets.

Cumulative stablecoin card spending has surpassed $10.9 billion, according to Paymentscan data cited by payment provider RedotPay on Aug. 25.

Paymentscan recorded more than $1 billion in card spending during July 2026, making it the largest month in its tracked dataset. Three years earlier, the industry processed approximately $60,000 per month, according to RedotPay.

Stablecoin card spending passed $1B in July

Stablecoin cards allow customers to fund a payment credential using assets such as USDC or USDT. The provider converts the stablecoin into the merchant’s local currency, allowing the transaction to use existing Visa or Mastercard infrastructure.according to an a16z crypto analysis.

Merchants therefore receive a conventional card payment rather than handling cryptocurrency directly. Customers can use stablecoin balances at stores and online services that do not otherwise accept digital assets.

Paymentscan’s overview recorded approximately $1.04 billion in July spending, compared with $339.4 million one year earlier. The monthly figure more than tripled during that period.

However, Paymentscan’s totals vary according to the selected dataset. An onchain-focused breakdown cited by a16z placed July volume near $759 million and recorded almost nine million purchases. Paymentscan’s broader overview includes additional offchain feeds from card providers.

The difference does not necessarily make either figure incorrect. It means readers should identify whether a total includes provider-supplied offchain data or only transactions visible through supported blockchain networks.

Dollar stablecoins dominate card transactions

USDC accounted for approximately 58% of the onchain card spending tracked by a16z in July, while USDT represented roughly 26%. Euro-backed stablecoins had previously held a larger share but declined to about 2%, according to the published dataset

The average transaction in the onchain dataset was approximately $86. This supports RedotPay’s argument that stablecoin cards are increasingly being used for ordinary purchases, including subscriptions, groceries and travel.

Stablecoin card payments remain small compared with conventional card networks. More than $20 trillion is expected to be spent using traditional cards during 2026, according to data cited by RedotPay.

Still, payment networks have expanded the infrastructure supporting these products. Visa says stablecoin-linked cards can reach more than 175 million merchant locations without requiring merchants to accept stablecoins directly.

Visa and Bridge announced plans in March to expand stablecoin-linked cards into more than 100 countries. Mastercard has also added stablecoin settlement options and partnerships serving Africa, the Middle East and other emerging markets.

RedotPay forecasts $50B in annual spending

RedotPay predicts the industry will process its next $10 billion in eight months, compared with approximately three years for the first $10 billion.

It also expects stablecoin cards to reach $50 billion in annualized spending by 2028. That figure is a company forecast, not a confirmed projection from Paymentscan, Visa or Mastercard.

RedotPay co-founder Jonathan Chan said Latin America currently has the highest adoption and growth potential, followed by Africa. He attributed growth to payment needs, stablecoin availability, stronger fiat conversion infrastructure and clearer regulations.

The Hong Kong-based company reported more than eight million users. It also said its annualized payment volume exceeds $14 billion, although that number includes account top-ups alongside completed card purchases.

RedotPay did not provide audited financial documentation supporting the user and annualized-volume figures. They should therefore be treated as company-reported metrics.

Better access is pushing stablecoins into retail payments

Stablecoin card adoption has benefited from easier deposits, improved fiat conversion and integrations with mobile wallets. RedotPay advertises support for everyday purchases and stablecoin transfers through its payment platform.

These features allow consumers to use stablecoins without requiring merchants to process blockchain transactions. The card provider and its partners manage conversion, authorization and settlement behind the payment.

The products may be useful in markets where access to dollar accounts, international cards or cross-border payments remains limited. Dollar-backed tokens provide digital dollar exposure, while card networks supply the connection to conventional points of sale.

Related crypto.news analysis found that stablecoins increasingly power crypto cards by reducing the payment volatility associated with assets such as Bitcoin or Ether.

Stablecoins still carry issuer, custody, compliance and blockchain-network risks. Cards can also introduce conversion charges, transaction fees and geographic restrictions that vary among providers.

The next evidence point will be whether monthly spending remains above $1 billion after July. Sustained increases across transaction counts, active users and several independent card programs would provide stronger support for RedotPay’s 2028 forecast.

Ripple pledged $300,000 on Aug. 29 to support emergency relief following catastrophic floods across Nepal and China’s Tibet region.

The San Francisco-based blockchain company will divide its support between World Central Kitchen and Mercy Corps. The organizations are providing meals, clean water and sanitation support to affected communities.

Ripple donation supports two established aid partners

Ripple said World Central Kitchen is distributing meals in the hardest-hit areas. Mercy Corps is coordinating water, sanitation and other humanitarian work with local authorities and partner organizations.

Both organizations had worked with Ripple before the disaster. Ripple has supported World Central Kitchen since 2020 and has partnered with Mercy Corps on projects using blockchain technology for humanitarian finance.

World Central Kitchen said its local restaurant partners were already serving meals in Nepal’s Rasuwa and Nuwakot districts. Members of its relief team were also traveling to the area to expand the response.

Mercy Corps has operated in Nepal since 2005. Its previous work has included earthquake, flood and landslide responses alongside disaster-preparedness and early-warning programs.

Nepal and Tibet face rising casualties

Authorities reported that the death toll had reached 750 by Sunday morning, while more than 3,000 people remained missing across Nepal and Tibet, according to a Reuters update.

Nepal recorded 734 deaths and 2,498 missing people. Officials in Tibet’s Gyirong County reported 16 deaths and 546 missing. Those figures may change as rescue workers reach isolated locations.

The Red Cross estimated that more than 90,000 people were affected. Roads, bridges, power infrastructure and entire settlements were damaged or destroyed, restricting access to food, water and emergency services.

Hundreds of workers were also believed to be trapped inside damaged hydropower tunnels. Nepal requested international assistance for tunnel rescues, forensic identification, DNA testing and storage of recovered bodies.

A glacier collapse triggered the flooding

Scientists linked the disaster to a glacier collapse that released ice, rock, mud and debris into the mountain river system on Aug. 26. The resulting torrent moved through communities on both sides of the Nepal-China border.

World Central Kitchen said an ice-rock avalanche temporarily blocked the Lhende Khola River before releasing a sudden surge downstream. The flood destroyed villages and infrastructure along the Bhotekoshi and Trishuli river corridors.

Rescue operations have faced repeated interruptions because of rain, rising water and lakes formed behind landslide debris. Drones later identified another natural dam and a new pool of water downstream from the original lake.

Chinese state media attributed the collapse to glacier instability linked to long-term warming. Scientists continue to study the event, and the exact contribution of climate change requires further assessment.

Ripple has used aid partnerships beyond donations

Ripple previously provided cash and XRP to World Central Kitchen for responses to hurricanes and other disasters. The company reported more than $200 million in charitable donations between 2018 and the end of 2024.

Its Mercy Corps partnership has also tested blockchain-based aid distribution. As Ripple used RLUSD for drought-relief payments in Kenya, smart contracts were designed to release assistance when satellite data detected defined drought conditions.

Ripple did not say that XRP, RLUSD or another cryptocurrency would be used for the Nepal and Tibet donation. Its announcement described a $300,000 contribution without identifying the payment method.

World Central Kitchen and Mercy Corps continue to accept public contributions through their official websites. Neither organization has announced when its emergency response will end.

Ripple has hired London Metal Exchange treasury executive Joseph Thompson for its trading and markets team, according to an Aug. 28 report.

Thompson will leave the LME on Aug. 31 after nearly a decade at the exchange. His work at Ripple will focus on tokenization strategy and delivery. Ripple has not disclosed his exact title, starting date or reporting structure.

Bitcoin’s realized capitalization increased by more than $4.6 billion during the week ending Aug. 30, according to CryptoQuant contributor Darkfost. The increase accompanied BTC’s sharp recovery from around $63,000 earlier in August to above $80,000.

Darkfost described the increase as the strongest short-term realized-cap movement since the current bear market began. However, the analyst warned that the 30-day average growth rate remained just 0.4%, meaning the data does not yet confirm a sustained liquidity expansion.

Bitcoin realized cap points to returning activity

Realized capitalization values each Bitcoin at the price recorded when it last moved onchain. This differs from standard market capitalization, which values the entire circulating supply at the latest market price.

When older coins move at higher prices, realized cap generally increases. Analysts often interpret that change as capital entering the market because coins are transferring to buyers with higher cost bases.

The latest $4.6 billion increase followed an extended period of declining or weak realized-cap growth. Darkfost said the reversal suggests incoming liquidity helped support Bitcoin’s recent price advance.

The analyst nevertheless stopped short of identifying the move as a confirmed market regime change. “This move still needs confirmation,” Darkfost said, pointing to the modest 30-day growth rate.

The $4.6B increase does not represent only new money

Realized-cap growth is not a direct measurement of cash deposited into cryptocurrency exchanges. Changes can also occur when existing investors transfer coins or sell them at prices different from their previous recorded cost bases.

Darkfost noted that some investors who bought Bitcoin at higher prices may have capitulated during the recent downturn. Their sales created new unspent transaction outputs, or UTXOs, carrying lower realized prices.

That process can affect the metric without representing entirely new capital. A rising realized cap therefore supports the liquidity argument but does not prove that the complete $4.6 billion came from first-time or external buyers.

Price behavior offered some supporting evidence for demand. Bitcoin recorded a historic weekly dollar increase of $14,775 during the week ending Aug. 23, according to a Galaxy Research report. The 23.5% advance was its largest weekly dollar gain on record, though short liquidations and momentum trading also contributed.

ETF demand supported Bitcoin’s recovery

U.S. spot Bitcoin ETFs recorded seven consecutive sessions of net inflows through Aug. 25. The funds attracted approximately $2.57 billion over that period, providing an independently measured source of spot-market demand.

BlackRock’s IBIT contributed $284.4 million of the $314.3 million recorded on Aug. 25. As Bitcoin ETF inflows supported demand during the price recovery, Bitfinex analysts argued that the rally was not driven solely by leveraged speculation.

Bitcoin also benefited from a weaker U.S. dollar and renewed concerns about fiscal policy. The U.S. Treasury expanded purchases of longer-dated government debt, encouraging investors to consider scarce assets under the so-called debasement trade.

BTC climbed above $81,200 on Aug. 25, its highest price since mid-May, before surrendering part of the advance. Bitcoin traded near $78,024 on Aug. 30, up about 0.6% over 24 hours but still below the resistance area around $81,000.

Bitcoin’s liquidity rebound still needs confirmation

The realized-cap pattern resembles periods observed during Bitcoin’s previous bear market, according to Darkfost. Historical resemblance alone does not establish that Bitcoin has reached the same stage of its market cycle.

CryptoQuant CEO Ki Young Ju previously argued that realized capitalization had grown by $467 billion over two years without producing comparable price appreciation. As realized-cap growth became less efficient at lifting Bitcoin, Ju said increasingly large inflows may be required to produce another parabolic advance.

The next confirmation would be continued positive realized-cap growth over several weeks rather than one strong observation. A rising 30-day rate would offer broader evidence that new cost bases are being established consistently.

Traders will also monitor U.S. ETF flows and Bitcoin’s attempt to reclaim the $81,000 area. Renewed realized-cap contraction, ETF outflows or another rejection at resistance would weaken the liquidity-recovery interpretation.