Key takeaways:

• Bitcoin remains under pressure from $2.1 billion in ETF outflows in June and an ongoing discount relative to global Bitcoin/USDT pairs.
• Strategy’s STRC stock shows weakness, highlighting growing concerns over monthly dividend obligations and share dilution.

The US stock market traded down on Wednesday after President Donald Trump said the memorandum of understanding with Iran was not final. Investors fear that oil flows through the Strait of Hormuz will not clear quickly, which adds further pressure on inflation. Is the stock market and Bitcoin (BTC) at risk?

The US and Iran are expected to formally sign an agreement on Friday, starting a 60-day negotiation period. On Wednesday, Trump said the deal should please the markets and that oil prices might fall. However, the US President threatened further bombings if Iran did not “behave.”

US 5-year Treasury yield vs. crude Brent oil, USD. Source: TradingView

Crude Brent oil fell to its lowest level in 100 days, but traders doubt fuel prices will continue to weigh on markets for long. Yields on US Treasuries remained at 4.16%, flat from two weeks prior. Investors are less confident in the US Federal Reserve’s ability to cut interest rates soon, thereby demanding higher returns on government bonds.

Impact of higher inflation amid weak institutional Bitcoin demand

US retail sales data released on Wednesday showed 6.9% growth from May 2025, but the rise likely reflects higher costs of goods such as fuel. In parallel, Wednesday marked the first Fed Committee meeting by Chair Kevin Warsh. The decision to hold interest rates steady was largely expected, but investors will try to discern Warsh’s views and personal credibility.

Nasdaq-100 futures (left) vs. Bitcoin/USD (right). Source: TradingView

The tech-heavy Nasdaq-100 Index traded 2% below its all-time high, while Bitcoin has failed to hold above $80,000 since mid-May. Bitcoin traders’ skepticism partly stems from a lack of inflows into spot exchange-traded funds (ETFs) and the absence of a Coinbase premium relative to international exchanges, signaling weak demand from institutional investors.

Coinbase Bitcoin USD vs. international USDT prices. Source: TradingView & Cointelegraph

Coinbase Bitcoin price in USD has traded at a discount versus international exchanges based in USDT for the past five weeks. Meanwhile, the US-listed spot Bitcoin ETFs have seen $2.1 billion in net outflows so far in June. The recent weakness in the Strategy preferred perpetual equity Stretch (STRC US) has further fueled the negative sentiment.

Related: Bitcoin tops $67K following US-Iran peace deal: Is it a bull trap?

Strategy preferred perpetual equity Stretch (STRC US). Source: TradingView

STRC offers holders an 11.5% yield, but new stock issuance can only happen at the fixed $100 price. Consequently, Strategy has less room to pay $142 million in cash dividends each month, forcing dilution of MSTR holders by issuing more shares or reducing its USD cash reserves, which are currently at $1.1 billion. The total preferred shares issued by Strategy stand at $15.5 billion.

There is no evidence that Strategy will be forced to sell any of its Bitcoin reserves anytime soon, but weakness in the STRC price reflects low confidence in the company’s financial leverage. Even if Bitcoin institutional inflows resume, investors fear that the deal between the US and Iran might not go through, hence a sustainable rally to $80,000 could take longer.

Instead of selling everything, each validator would choose a set of subnets to support, much like picking holdings for a fund. The yield that would have been sold is reinvested into the chosen subnets, held as a basket that compounds over time, and staked back to the validator. Stakers still get their yield and can cash out to TAO whenever they want.

Such a mechanism stops the constant selling pressure and turns it into net buying that supports subnet prices.

Validators turn from passive yield pipes into active curators, since subnets they back attract fresh capital, while those they judge to be bad actors get starved of it.

The proposal is a code submission on Bittensor’s GitHub as of Wednesday, aimed at a test network rather than the main one.

Meanwhile, an early automated review flagged two serious issues, including an upgrade step that could choke on large amounts of data and a payout path that could shortchange stakers when a subnet shuts down. The author said in a GitHub response that those issues are fixed, with more cleanup listed before any mainnet release.

Bittensor’s token, TAO, has fallen 28% over the last 12 months, while bitcoin has fallen 38% over the same period. The token’s staking yield currently sits around 17% if users hold TAO for a year.

US gaming and tribal-related organizations, along with labor groups, are urging lawmakers to tighten federal rules around crypto-linked prediction markets. In a letter reported by Semafor, they ask the Senate to include language in the Digital Asset Market Clarity (CLARITY) Act that would “explicitly prohibit event contracts tied to sports and casino-style gaming.”

The groups’ core argument is jurisdictional and policy-driven: they contend that sports betting belongs under state and tribal regulatory frameworks, not under the Commodity Futures Trading Commission (CFTC). Their request comes as the CFTC, under Chair Michael Selig, has asserted “exclusive jurisdiction” over prediction markets.

Key takeaways

• Sports and casino-related prediction market contracts are the focus of a new push to bar them under the CLARITY Act.
• Gaming and tribal organizations say prediction markets have expanded gambling “without voter approval or legislative authorization” over the past 18 months.
• The letter argues the CFTC was not built to regulate sports wagering, pointing to existing state and tribal oversight.
• CLARITY is positioned to shift some digital-asset enforcement authority from the SEC to the CFTC, but it still faces timeline and political hurdles.
• Legal disputes over whether prediction-market event contracts are regulated as “swaps” could ultimately escalate to the US Supreme Court.

Gaming industry groups target CLARITY’s wording on prediction markets

According to the Semafor report, organizations including the Indian Gaming Association and the American Gaming Association have coordinated their opposition to using crypto legislation to enable sports-betting-style prediction products. They want Congress, while the CLARITY Act is under Senate consideration, to “affirm” that sports betting is outside the CFTC’s remit and therefore cannot be offered through prediction market platforms.

In the letter, the groups argue that prediction markets have contributed to what they describe as the “largest expansion of gambling in US history” during the previous 18 months, and that this growth occurred without what they call democratic authorization. Their emphasis is not only on consumer protection, but also on whether federal regulators should be allowed to reshape gambling rules nationally.

CFTC’s “exclusive jurisdiction” claim collides with state regulatory systems

The lobbying effort arrives amid an ongoing regulatory clash. Semafor notes that the CFTC, led by Chair Michael Selig, has claimed exclusive jurisdiction over prediction markets. Selig has also supported enforcement actions and legal strategies aimed at platforms such as Kalshi and Polymarket, according to earlier coverage by Cointelegraph regarding the CFTC’s stance in lawsuits brought by state-level gaming authorities. (Earlier reporting: CFTC lawsuit: Minnesota prediction markets ban.)

The letter’s counterpoint is straightforward: the CFTC, the groups say, was created for commodities and derivatives—not gambling and sports wagering. They also argue the agency lacks the expertise and operational infrastructure to oversee nationwide sports betting when state and tribal regulators already provide the principal regulatory mechanisms.

While the groups frame their concern as a mismatch of regulatory roles, the policy conflict is also structural. If Congress enshrines an explicit prohibition tied to sports and casino-style event contracts, it could narrow the practical scope of what platforms and litigants treat as CFTC-governed “swaps” or derivatives. Conversely, if such language does not survive, the CFTC’s jurisdictional posture could remain a centerpiece of future enforcement.

Tax-dollar losses become a central talking point

The American Gaming Association, also cited in the Semafor report, reportedly argues that states have lost revenue since sports event contracts began appearing on prediction market platforms. Per the AGA’s figures, state gaming authorities have lost about $1.08 billion in tax dollars “since prediction markets began offering sports event contracts” as of Wednesday, according to the organization’s reported update.

For policymakers, this is more than a political talking point. Revenue and tax streams are often central to how states justify their gambling regimes, and the claim—if accepted by lawmakers—adds weight to the argument that prediction markets function as a substitute for regulated wagering channels.

That said, the dispute remains largely about classification and regulator authority rather than only market growth. The jurisdictional fight will determine whether enforcement actions focus on CFTC-style derivative frameworks or instead defer to gambling laws administered by states and tribes.

What CLARITY could change—and why timing matters

Some lawmakers expect the CLARITY Act to clear Congress out of the Senate by August. Semafor reports that the bill passed the House of Representatives in July 2025, but it faced delays tied to concerns including stablecoin yield, ethics, and tokenized equities.

CLARITY’s broader purpose is to transfer some regulatory and enforcement authority for digital assets from the Securities and Exchange Commission (SEC) to the CFTC. In that context, the letter’s demand for a carveout is significant: it aims to prevent the CFTC from regulating sports and casino-style event contracts even if Congress expands the agency’s general role over digital-asset markets.

If included, the language the groups seek could reshape the compliance landscape for prediction market platforms that offer sports-related contracts. It would also potentially affect how operators design product structures—whether they try to avoid “event contracts” tied to sports wagering or whether they challenge the applicability of any prohibition.

Regulator jurisdiction may become a Supreme Court question

Legal uncertainty already looms over prediction markets, and the letter’s pushback reflects that the regulatory fight is not settled. Some experts and advocates anticipate that if CFTC leadership—Selig in particular—continues to challenge state-level crackdowns through courts, the dispute could ultimately reach the US Supreme Court.

Cointelegraph previously discussed scenarios in which the federal-state conflict might escalate, including the possibility that appeals over how such event contracts should be classified could culminate in the nation’s highest court. (Earlier coverage: CFTC Michael Selig defending prediction markets and prediction markets legal fight Supreme Court Kalshi appeal.)

The constitutional backdrop is Murphy v. NCAA (2018), in which the Supreme Court gave states the authority to regulate sports gambling. Kalshi, Polymarket, and the CFTC have argued in the course of related litigation that event contracts offered through prediction market platforms should be treated as “swaps” subject to the CFTC’s jurisdiction—rather than as gambling regulated primarily under state law.

That tension—federal derivatives classification versus state gambling authority—could become the central question for courts. Meanwhile, legislation like CLARITY could either reduce the room for interpretation by carving out sports and casino-style contracts or, if it doesn’t, leave courts to decide how far the CFTC’s “exclusive jurisdiction” claim extends.

For investors, platform operators, and users, the immediate watch item is whether the Senate version of CLARITY incorporates the requested sports- and casino-style prohibition—and, separately, whether ongoing cases continue to climb the appellate ladder toward the Supreme Court as regulators keep insisting on competing jurisdictional theories.

The paradigm of crypto-native gaming has shifted significantly from complex, slow-layered decentralized applications (dApps) toward high-frequency, provably fair arcade mechanics. Within this digital ecosystem, proprietary gaming titles have established a distinct niche by blending classic gameplay loops with transparent cryptographic verification. A good example of this synthesis is the Mission Uncrossable game, an iterative, lane-based crash alternative that adapts the structural logic of classic obstacle-avoidance titles into a rigorous risk-management model.

For users seeking to transition from theoretical understanding to on-chain execution, analyzing the game requires looking past the visual presentation and focusing on probability distribution, volatility settings, and capital preservation strategies. This guide provides an analytical breakdown of how to play Mission Uncrossable while optimizing risk-adjusted exposure and maximizing conversion efficiency.

Understanding the Core Mechanics: How to Play Mission Uncrossable

At its core, the Mission Uncrossable game operates on a gamified multi-stage multiplier trajectory. The user’s objective is to navigate a digital asset—represented as a character traversing a multi-lane highway—across successive tiers of moving traffic. Each successfully negotiated lane applies an incremental multiplier to the initial stake. Conversely, if a collision occurs with passing traffic, the round terminates instantly, resulting in a total loss of the accumulated capital for that specific round.

To initiate an operational round, a participant executes a highly streamlined onboarding sequence designed to minimize friction and accelerate time-to-play:

1. Capital Allocation: The user inputs a specific wager size. The platform allows micro-wagers (stakes below $0.01 scale the user interface into a low-risk testing mode), allowing for granular bankroll evaluation without significant capital drawdown.
2. Difficulty Parameter Selection: Prior to deployment, players must select one of four distinct volatility configurations: Easy, Medium, Hard, or Daredevil.
3. Multiplier Accrual: The player advances the asset lane by lane. Each successful step updates the real-time payout value based on the chosen risk curve.
4. Cash Out: At any point before an adverse collision event occurs, the player can manually trigger a “Cash Out” sequence to lock in the achieved multiplier and secure the yielded funds directly into their platform balance for immediate withdrawal.

Difficulty Calibration and the Risk-Reward Matrix

The primary strategic lever available to the user is the difficulty configuration. Adjusting the difficulty tier directly alters the density and velocity vectors of the digital traffic, manipulating both the probability of survival and the steepness of the multiplier’s mathematical scaling.

The Technical Infrastructure: Provably Fair and RNG Verification

For analytical publications on platforms like Blockonomi, establishing the technical integrity of the underlying code is paramount to building player trust and driving high-value user acquisitions. Unlike legacy online casinos relying on opaque, server-side Random Number Generators (RNG) that lack external visibility, Roobet’s proprietary catalog utilizes a Provably Fair cryptographic framework.

Every outcome within the game is predetermined by a deterministic combination of three distinct variables:

• Server Seed: Provided by the host platform and cryptographically hashed prior to the commencement of the round, preventing real-time manipulation.
• Client Seed: Generated by the user’s local browser architecture (and customizable manually), ensuring the operator cannot dictate or alter the random pathing unilaterally.
• Nonce: An automatically incrementing counter that tracks the exact number of wagers executed utilizing the current seed pair.

This algorithmic configuration allows any participant to extract the SHA-256 hash post-round and independently verify that the lane generation and collision thresholds were mathematically absolute. The platform maintains an optimized Return to Player (RTP) profile that minimizes the structural house edge common to traditional video slots, making it a highly attractive destination for mathematically minded players.

Strategic Frameworks for Capital Preservation

Because outcomes are cryptographically randomized and independent, pattern recognition is mathematically invalid. Strategic optimization must therefore rely on structured risk management frameworks rather than predictive assumptions.

Low-Volatility Scalping (The Conservative Protocol)

Executed primarily on the Easy difficulty setting, this framework focuses on high-frequency, low-margin returns. The technical objective is to systematically cash out wagers after navigating only 1 to 2 lanes. While the returns per individual round are minor, the probability density heavily favors the user, allowing for the methodical compounding of a base bankroll while mitigating tail-risk exposure.

Asymmetric Risk Exposure (The Venture-Style Protocol)

Conversely, utilizing the Hard or Daredevil configurations shifts the objective from high win-probability to high asymmetric payoff. Under this protocol, users deploy micro-stakes with the intent of absorbing a high volume of low-cost losses in exchange for capturing an exponential multiplier outlier. This approach mirrors venture capital distribution, where a single successful high-multiplier event covers historical drawdowns.

Comparative Analysis: Discrete Step-Based Risk vs. Continuous Crash Curves

Traditional crypto crash games present a continuous, real-time depreciation of user agency; a multiplier climbs linearly or exponentially on a continuous timeline until an abrupt, singular crash event clears all active stakes simultaneously.

The structural variance implemented in how to play Mission Uncrossable introduces discrete decision points. Instead of a continuous time-based risk curve, risk is segmented into distinct operational steps (lanes). This architectural shift grants the user static windows of reflection between steps, changing the psychological profile of the game from rapid reaction-based survival to a calculated, step-by-step assessment of probabilistic risk. This enhanced sense of user agency acts as a powerful retention vector, driving sustained engagement over traditional, passive alternative titles.

Ready to test the mechanics? You can register seamlessly, deposit your preferred crypto asset, and execute your own risk-mitigation framework on the official Mission Uncrossable game at Roobet.

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 1774.43, down 1.5% (-26.19) since 4 p.m. ET on Tuesday.

Four of 20 assets are trading higher.

Leaders: UNI (+2.5%) and XLM (+2.3%).

Laggards: BCH (-3.1%) and ADA (-2.8%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

The crypto market has remained under pressure even as reports have indicated that a U.S.-Iran agreement is moving closer to completion, with the total crypto market capitalization falling nearly 2% to $2.21 trillion.

According to a BBC report, U.S. officials have released details of a proposed memorandum that would extend the ceasefire between Washington and Tehran while reopening key shipping routes in the Middle East. The framework centers on restoring access through the Strait of Hormuz and links economic benefits for Iran to compliance with agreed conditions.

Speaking at the G7 summit in France, President Donald Trump said the agreement could be signed as soon as the following day. Reports also indicated that Vice President JD Vance is expected to attend the formal signing ceremony, underscoring support from senior U.S. officials.

Despite those developments, digital asset traders have shown little enthusiasm. Bitcoin and most major cryptocurrencies traded lower during the day, while investors continued reducing exposure to risk assets amid uncertainty over monetary policy and geopolitical events.

Investors remain focused on Federal Reserve policy

Alongside developments in the Middle East, market attention has turned to the Federal Reserve after policymakers left interest rates unchanged at their June meeting.

As previously reported by crypto.news, the Federal Reserve maintained its benchmark interest rate at 3.50% to 3.75% on June 17. The Federal Open Market Committee voted unanimously to keep rates steady, extending a policy pause that has remained in place throughout 2026.

The decision matched market expectations, though investors have continued evaluating what it means for financial markets in the months ahead. Particular attention has shifted toward Federal Reserve Chair Kevin Warsh’s first post-meeting press conference, where traders are seeking additional guidance on inflation and the possibility of tighter monetary policy later this year.

With borrowing costs remaining elevated and inflation concerns still present, analysts have noted that risk assets could struggle to attract sustained inflows regardless of improving geopolitical headlines.

Geopolitical progress has yet to lift crypto sentiment

Market participants have historically responded to major geopolitical developments because changes in global stability often influence investor demand for risk-sensitive assets such as cryptocurrencies.

Earlier reports showed that crypto prices recovered after Trump confirmed plans to pursue a peace agreement with Iran. Falling oil prices and expectations of reduced tensions also helped improve sentiment across several financial markets.

Even so, the latest price action suggests traders remain cautious while waiting for the agreement to be finalized. According to the BBC report, the proposed framework still requires formal approval and implementation, leaving room for unexpected developments before the deal takes effect.

For now, investors appear to be weighing the prospect of a U.S.-Iran agreement against concerns surrounding inflation, interest rates, and broader macroeconomic conditions. Until those uncertainties become clearer, the crypto market has shown little willingness to treat the approaching deal as a catalyst for a sustained rebound.

Bitcoin’s latest sell-off has triggered panic-driven selling activity, but on-chain data suggests the market is taking a less damaging route than it did during February’s correction. Glassnode reports that realized losses during the June decline peaked around $1.4 billion, well below the approximately $2.6 billion peak recorded in February.

While loss-taking appears to have eased in intensity, the broader “capitulation” picture still shows more selling than buying: the 30-day smoothed realized profit-to-loss ratio is hovering around 0.28, a very low reading for the year. The key question for traders now is whether strengthening spot demand can hold up as derivatives positioning cools.

Key takeaways

• Realized losses peaked at about $1.4B in June versus roughly $2.6B in February, according to Glassnode.
• The 30-day smoothed realized profit-to-loss ratio near 0.28 remains in capitulation territory, showing loss-taking still outweighs profit-taking.
• Glassnode says Binance spot orderbook depth has turned decisively toward bids, with a ratio of 0.8 and the widest bid dominance since December 2025.
• Derivatives positioning on Binance shows a sharp OI reversal, with open interest shifting to -$620M from $258M in the prior 24 hours.
• Realized cap is down but the seven-day change has narrowed, implying capital outflows may be slowing compared with earlier quarters.

Capitulation signals persist, but losses are smaller than February

Bitcoin’s realized profit-to-loss dynamics point to an environment where investors continue to lock in losses more often than they capture gains. In Glassnode-style realized metrics, that imbalance is often interpreted as a capitulation-like phase—an extended period where selling pressure dominates, even if the market fails to fully reset sentiment.

The 30-day smoothed realized profit-to-loss ratio at roughly 0.28 underscores that selling pressure hasn’t fully disappeared. However, the magnitude of realized losses tells a more nuanced story.

According to the data cited in the analysis, Bitcoin’s seven-day moving average realized loss peaked near $2.6 billion during February’s sell-off. During the June decline, realized losses reached about $1.4 billion before cooling to approximately $558 million. The gap between these two episodes suggests that—even with similar price zones—fewer participants are choosing to sell at a loss than they did in February.

Why the June episode may feel different for traders

Crypto analyst Axel Adler Jr. characterized the latest period as the second wave of panic selling in 2026. In his commentary, Adler argued the realized-loss evidence indicates capitulation is “almost twice as low” versus February.

That framing matters because “capitulation” is not only about price movement; it’s also about who sells, and how costly those sales are in realized terms. If realized losses are lower while the profit-to-loss ratio remains weak, the market may be experiencing a different mix of behavior: more caution and less aggressive churn, rather than the same level of forced liquidation seen earlier.

Glassnode’s capital flow metrics also support the idea of reduced pressure. The realized cap—measuring the aggregate cost basis of circulating Bitcoin—stands at about $1.07 trillion. It has declined 1.45% over the past 90 days, pointing to continued capital withdrawal, but the realized cap’s seven-day change is only -0.18%, indicating outflows are close to stalling relative to earlier periods.

Binance spot liquidity turns supportive as depth shifts to bids

Perhaps the most actionable development comes from the spot market’s orderbook behavior. Glassnode reports that Binance’s spot orderbook depth imbalance has flipped toward bids, with a ratio of 0.8. In other words, buy-side liquidity is exceeding resting sell orders by the widest margin since December 2025.

In practical terms, stronger bid depth can help absorb sell pressure during pullbacks, making it easier for the market to stabilize after dips. Glassnode’s analysis emphasizes this shift: the spot book is showing a stronger willingness to defend prices rather than distribute into rallies.

“Although this alone is insufficient to confirm a durable bottom, the emergence of strong buy-side depth suggests spot market participants are becoming more willing to defend current price levels.”

Derivatives cool off after a large open-interest reversal

Derivatives activity is adding further context. The analysis notes that Binance open interest (OI) experienced one of its largest daily reversals since April. Open interest moved to -$620 million from $258 million over the prior 24 hours, implying a net reversal of nearly $878 million.

Sharp OI reversals often indicate a rebalancing in leverage—either traders reducing exposure or positioning moving in the opposite direction after a crowded trade unwinds. While spot improvements suggest buyers are willing to step in, the derivatives reset may reduce the likelihood of downside acceleration driven by heavily leveraged sells.

Taken together, the combination of stronger spot depth and less aggressive derivatives positioning creates a more constructive near-term microstructure than during deeper capitulation phases.

Investors should watch whether this bid dominance in spot liquidity can persist as volatility returns, and whether realized losses keep trending lower without the realized profit-to-loss ratio slipping further into more extreme capitulation readings. The data also leaves an important uncertainty: stronger spot support does not automatically guarantee a durable bottom, so traders may need confirmation through continued stabilization in both realized metrics and orderbook depth.

Several national gaming and tribal organizations and labor groups have reportedly called on the US Senate to add language “that explicitly prohibits event contracts tied to sports and casino-style gaming” in the Digital Asset Market Clarity (CLARITY) Act.

According to a Wednesday Semafor report, groups tied to sports betting, including the Indian Gaming Association and American Gaming Association have united against what they called gambling on prediction markets. They requested that the US Congress use the CLARITY Act now under consideration in the Senate to affirm that “sports betting falls outside the [Commodity Futures Trading Commission’s] remit and cannot be offered through prediction market platforms.”

“While our organizations may differ on other issues, including gambling policy, we are united in our concern that prediction markets have fueled the largest expansion of gambling in US history over the past 18 months — without voter approval or legislative authorization,” said the letter.

Source: Semafor

The pushback from the groups comes as the Commodity Futures Trading Commission (CFTC) under Chair Michael Selig has claimed “exclusive jurisdiction” over prediction markets. Selig has led the financial regulator in supporting platforms like Kalshi and Polymarket against lawsuits by state-level gaming authorities.

“The CFTC was created to oversee commodities and derivatives markets, not gambling and not sports wagering,” said the letter. “It lacks both the expertise and the infrastructure to police nationwide sports betting, particularly when robust state and tribal regulatory systems already exist.”

The American Gaming Association reported that as of Wednesday, state gaming authorities had lost about $1.08 billion in tax dollars “since prediction markets began offering sports event contracts.”

Related: Kalshi adds software partner as it looks to boost prediction market surveillance

Some lawmakers expect the CLARITY Act, aimed at transferring some of the authority in regulation and enforcement of digital assets from the Securities and Exchange Commission (SEC) to the CFTC, to be passed out of Congress by August. The bill passed the House of Representatives in July 2025, but has faced delays due to concerns over stablecoin yield, ethics and tokenized equities.

Legal fight could land in US Supreme Court

Some experts and industry advocates anticipate that with Selig and the CFTC threatening to take any state-level authorities to court over crackdowns on prediction markets, the dispute between federal and state regulators could eventually be heard by the US Supreme Court.

The country’s highest court gave individual states the authority to regulate sports gambling in its 2018 decision in Murphy v. National Collegiate Athletic Association. However, Kalshi, Polymarket and the CFTC have largely argued that event contracts on prediction market platforms are “swaps” only subject to the agency’s jurisdiction.

Magazine: The end of anon? AI could unmask crypto’s hidden identities