Bankless is facing backlash after reportedly laying off most of its staff without a public announcement, even as co-founder Ryan Sean Adams declared the “end” of the media brand’s first era on X.

According to ChainCatcher, citing posts on X, crypto community member @0x_Lucas said Bankless has “allegedly laid off most of its team members,” claiming the media brand has not issued a public statement or expressed gratitude to help affected employees find new roles. In his posts, 0x_Lucas criticized the founders for continuing to publish unrelated content while remaining silent about the cuts, arguing that Bankless owed at least a basic acknowledgement and support to the people it had just let go.

At the same time, Bankless co‑founder Ryan Sean Adams posted that “the first era of Bankless has ended,” describing the moment as the conclusion of his six‑year collaboration with co‑host David Hoffman exploring crypto, DeFi and Ethereum. Adams’ remarks, shared in a reflective X thread, framed the change as a generational shift rather than a straightforward downsizing, emphasizing how far the show had come since its early days and hinting at a new, undefined chapter.

Bankless itself has not issued an official statement confirming or denying the reported layoffs, nor has it published a blog post or newsletter addressing the alleged restructuring as of publication time. Episodes continue to appear in the Bankless podcast feed, and the main Bankless site has instead focused on regular content such as its recent “17 Trends for Crypto’s 2026” piece, giving the impression of business as usual even as rumors of cuts spread.

X backlash over silence and “unrelated content”

The anger from former staff and community members is not about the existence of layoffs per se—media and crypto firms have been shedding staff for two years—but about how Bankless appears to be handling them.
In his posts, 0x_Lucas accused the founders of “not even bothering” to publicly thank or spotlight the departing team, arguing that a brand built on community owed its people more than private emails and quiet removals from internal tools.

He also called out what he described as “unrelated” posting from the founders, criticizing the decision to ship new content and personal reflections while staying silent about job losses and declining to use their platform to highlight affected employees for potential employers. That critique resonated on X, where users contrasted Bankless’ coverage of past industry layoffs—including pieces on Binance, Consensys and other firms—with its apparent unwillingness to subject itself to similar scrutiny.

The episode lands amid a broader wave of crypto and tech layoffs in 2026, from Coinbase’s latest cuts to ongoing staff reductions across exchanges, trading firms and infrastructure startups. For a brand that leaned heavily into “community” rhetoric and sought to position itself as the narrative voice of DeFi, the optics of a quiet cull amplified by disgruntled insiders is reputationally damaging, regardless of the balance sheet rationale.

If the reports are accurate, Bankless has effectively amputated much of the team that turned a podcast into a broader media operation—writers, producers, editors and ops staff who helped build newsletters, video content and research products around the core show. In practical terms, that likely means a narrower focus on the flagship podcast and select high‑leverage projects, with less capacity for daily news, deep‑dive analysis or side ventures.

More broadly, the Bankless saga underlines how fragile crypto media businesses remain even late in this cycle. Ad revenue is volatile, sponsor budgets are tied to token prices and trading volumes, and the collapse of easy VC money has left many outlets exposed when traffic or sponsorships dip. As covered in prior crypto.news reporting on crypto media layoffs and creator‑driven brands, projects built around personalities rather than institutions often end up treating everyone else as expendable when the macro turns.

Until Bankless issues a formal statement, the full story will remain partly speculative. But the core facts—that a co‑founder has publicly declared the “end of the first era,” that credible insiders allege most of the team is gone, and that there has been no transparent communication to the audience—paint a clear enough picture: whatever comes next, it will not be the same Bankless that helped narrate the last bull market.

Asset tokenization platform Securitize is moving ahead with a SPAC merger on Nasdaq, aiming to accelerate its expansion beyond stablecoins into a broader universe of tokenized securities.

Securitize’s efforts to “tokenize the world” just took an added-value turn, with the company doubling down on efforts to assemble on-chain securities infrastructure operational at scale.

The company is advancing a business combination with Cantor Equity Partners II, a Nasdaq-listed special purpose acquisition company sponsored by an affiliate of Cantor Fitzgerald and trading under the ticker CEPT.

The deal, first announced in late 2025, would see Securitize become a publicly traded company on Nasdaq under the ticker SECZ once the merger closes, but recently the company has described in greater detail how exactly that would play out.

Over a recent investor call, Securitize co-founder and CEO Carlos Domingo said the company has already reached profitability in the asset tokenization business, driven by partnerships with large financial institutions. Therein, Domingo emphasized that Securitize intends to use the SPAC transaction to “accelerate,” in what he called the desire to create expand the fund’s mission align more closely with their core vision.

The issue looking ahead seems to be how to trade more assets in tokenized form beyond the stablecoin and money market fund products that have dominated the early wave of tokenization, Domingo noted.

SPAC structure and listing roadmap, how does it function?

Under the merger agreement, Cantor Equity Partners II will combine with Securitize at a pre‑money valuation of around $1.25 billion, according to earlier coverage by CNBC and Securitize’s own press materials.

The transaction is expected to deliver up to roughly $465 million in gross proceeds if there are no redemptions, Domingo noted in the recent investor call, including about $240 million from the SPAC’s trust and $225 million from private investment in public equity (PIPE) commitments from investors such as Borderless Capital and Hanwha Investment.

In January 2026, Securitize Holdings, Inc.—the post‑merger “Pubco”—publicly filed a Form S‑4 registration statement with the U.S. Securities and Exchange Commission, formalizing the deal and detailing the combined company’s projected financials.

The filing notes that Securitize expects to be debt‑free on a pro forma basis post‑merger and is projecting around $110 million in revenue and $24 million in net income for 2026, according to an earlier X post from Domingo summarizing the investor deck.

Completion of the SPAC transaction still hinges on customary closing conditions, including SEC clearance of the S‑4, shareholder approval from CEPT investors, and satisfaction of Nasdaq listing requirements. Until those boxes are ticked, Securitize remains private, though it is already positioning itself as a de facto public‑market candidate in the tokenization sector.

Expanding beyond stablecoins into tokenized securities, how can Securitize buld it?

Securitize has built its reputation on tokenizing real‑world assets particularly private market securities and funds rather than on issuing generic utility tokens.

The company acts as a registered transfer agent and digital asset securities platform, and it has been a key infrastructure provider for high‑profile tokenization deals, including BlackRock’s BUIDL tokenized money market fund and KKR’s tokenized feeder funds.

Domingo has argued that tokenization’s real value lies in “upgrading” traditional assets to programmable, blockchain‑native formats that can improve access, fractional ownership, and secondary market liquidity.

During that same recent interview, he framed the SPAC listing as both a capital raise and a signaling device, saying that becoming a public company while simultaneously tokenizing its own equity on chain demonstrates how Securitize intends to operate at the intersection of traditional capital markets and on‑chain finance.

The firm’s strategy is explicitly broader than stablecoins. While stablecoins and tokenized treasuries have proven highly profitable for issuers, Securitize is betting that everything from private credit and equity to real estate and funds will eventually be issued and traded as digital tokens, and it wants to become the default stack for that transition.

What the SPAC means for tokenization

If the CEPT deal closes, Securitize would become one of the first large, pure‑play tokenization platforms listed on a major U.S. exchange, joining a small group of blockchain‑native firms that have used SPACs to reach public markets.

For that broader tokenization narrative to work, a successful listing with real revenue and profitability would be a significant proof of concept that on‑chain securities infrastructure can sustain a public‑company balance sheet.

It would also give public‑market investors a direct way to express a view on asset tokenization as a theme, rather than just buying tokenized funds or blockchain equities indirectly exposed to the space.

In parallel with other developments, such as Börse Stuttgart’s Seturion platform and a16z’s thesis that finance is undergoing a “cloud‑style” migration to on‑chain infrastructure, it seems that Securitize’s planned SPAC listing underscores that tokenization is no longer a thought experiment but a capital‑intensive, institutional business trying to scale.

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned six Ethereum addresses tied to a Sinaloa Cartel-linked money laundering network that allegedly converted drug proceeds into cryptocurrency.

OFAC added the addresses to its Specially Designated Nationals list (a US sanctions list of people, entities and assets subject to blocking restrictions) on Wednesday as part of sanctions against 11 individuals and two entities connected to two Sinaloa Cartel financial networks.

Treasury said one network, led by Armando de Jesus Ojeda Aviles, collected bulk cash in the US from fentanyl and other drug sales before allegedly converting the money into cryptocurrency for transfer to the cartel in Mexico.

The action highlights how cartel-linked money laundering networks are using digital assets alongside cash couriers and front businesses, raising sanctions compliance risks for crypto exchanges and other virtual asset service providers.

OFAC adds six new Ethereum addresses to sanctions list. Source: OFAC

Cartel cash moved into crypto

The Sinaloa Cartel is allegedly using blockchain technology to launder its illicit fiat money proceeds, according to OFAC.

Cointelegraph contacted OFAC for more details surrounding the Sinaloa Cartel’s money laundering operations.

Related: Kelp DAO attacker moves $175M in Ether after exploit: Arkham

Treasury did not identify which crypto platforms or protocols were allegedly used by the network. The listed Ethereum addresses, however, create sanctions exposure for exchanges, wallet providers and other crypto firms that screen blockchain transactions.

Looking at some of the biggest cryptocurrency hacks, attackers laundered the majority of the $1.4 billion stolen during the Bybit hack, or about $1.2 billion, through THORChain, swapping funds from Ether to Bitcoin, according to Bybit co-founder and CEO Ben Zhou. 

Attackers behind the recent $293 million Kelp DAO hack also primarily used THORChain to swap the Ether for Bitcoin, generating about $910,000 in fee revenue for the protocol, Cointelegraph reported on April 23.

Magazine: 53 DeFi projects infiltrated, 50M NEO tokens could be ‘given back’: Asia Express  

Bitcoin (BTC) focused on $77,000 on Thursday as analysis eyed a minimum 5% BTC price move.

Key points:

• Bitcoin waits for a breakout move as it circles the $77,000 mark.
• Analysis sees risk in shorting price at current levels, with bears in the firing line.
• Macro hurdles keep risk assets down across the board, while US bond yields cool.

Trader sees 5% BTC price move “soon”

Data from TradingView showed BTC price action sticking to a narrow range, with leveraged positions on either side of spot.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

“Some big clusters right around price. Most notably: the ~$78K area and the $76.5K-$77K area in the short term,” trader Daan Crypto Trades wrote in his latest analysis on X. 

“Price has been in a pretty tight price range the past few days so expecting some larger 5%+ move to occur here soon again.”

Crypto liquidation history (screenshot). Source: CoinGlass

Data from CoinGlass revealed that short positions had taken the majority of losses across crypto over the 24 hours to the time of writing.

“Bears on $BTC are getting SQUEEZED in real-time,” X analytics account Cryptic Trades commented. 

“While the price is going up, the Open-Interest has dropped by over 12K. This is exactly why you don’t short a BULLISH BACKTEST.”

BTC/USDT one-hour chart with open interest data. Source: Cryptic Trades/X

Cryptic Trades remained optimistic about BTC market strength despite the loss of various support levels in recent days. Holding above $74,000, it continued, was the “most likely outcome.”

“Shorting here, or hedging your spot holdings simply doesn’t make sense from a technical perspective, because the market structure remains intact,” it argued.

BTC/USD three-day chart. Source: Cryptic Trades/X

Oil returns to triple figures on Iran cues

Bitcoin and other risk assets faced familiar macro headwinds on the day, with WTI oil prices heading back above $100 per barrel.

Related: BTC price ‘bull trap’ at $76.5K? Five things to know in Bitcoin this week

The US-Iran war remained the key catalyst amid mixed reports over uranium enrichment and a permanent toll on oil traffic through the Strait of Hormuz.

CFDs on WTI crude oil one-hour chart. Source: Cointelegraph/TradingView

The day prior, US President Donald Trump had sent oil and US bond yields lower with hints that an Iran peace deal was near.

“It’s the same recipe, if this trend is prolonged and the deal is likely finalized, you’ll see yields continue to fall even more, especially in Japan,” crypto trader and analyst Michaël Van de Poppe responded. 

“If those yields come down –> risk-on assets to rally even higher.”

US 30-year treasury yield one-hour chart. Source: Cointelegraph/TradingView

In today’s newsletter, Sarah Cummings from Morgan Stanley Investment Management provides insights and considerations when assessing crypto exchange-traded funds.

Then, in “Ask an Expert,” Ryan Tannahill from iA Private Wealth USA, answers questions about borrowing against bitcoin assets.

Assessing Crypto ETPs in an Evolving Market

When evaluating exchange‑traded funds (ETFs), investors typically focus on factors such as fees, liquidity and tracking. Spot bitcoin exchange‑traded products (ETPs) introduce additional dimensions of due diligence that investors may be less accustomed to assessing. First launched in January 2024, these vehicles — structured as grantor trusts under the 1933 Act — seek to track bitcoin BTC$77,061.06 performance using a designated pricing benchmark. Understanding how their structure, custody arrangements and benchmarks operate is central to evaluating these products.

Core ETF considerations

As with any ETF, headline costs and trading characteristics matter.

Fees and waivers. While fee compression has occurred since the first spot bitcoin ETPs entered the market, expense ratios still vary meaningfully across products. Investors may wish to distinguish between gross and net expense ratios, particularly where fee waivers are in place. Such waivers may be subject to asset thresholds or expiration dates that could affect costs over time.

Liquidity and execution. Trading volume, bid/ask spreads, and overall fund liquidity remain important inputs when assessing the total cost of ownership. However, because bitcoin itself is a highly liquid underlying asset, onscreen fund liquidity may not fully reflect execution quality. In practice, similarly priced execution may be achievable across products despite differences in visible trading activity. Engaging with a trust sponsor or liquidity provider ahead of a trade may help manage execution costs.

Tracking and fund design. Given their single‑asset, passive structure, spot bitcoin ETPs tend to exhibit limited sources of tracking error. Expense ratios are typically the primary driver, with lower‑fee products generally expected to track more closely over time. In‑kind creation and redemption mechanisms may also support tighter tracking by reducing frictional costs.

Considerations specific to crypto ETPs

Beyond traditional ETF metrics, several factors are more specific to crypto‑based products.

Digital asset custody. Holding bitcoin requires specialized custody arrangements, a relatively new function within asset servicing. While early infrastructure was largely developed by crypto‑native firms, traditional custodians have increasingly entered the space. Custody practices, regulatory status and bankruptcy protections can differ across providers, making it prudent to understand how and where digital assets are held.

Sponsor profile. The issuer’s background may also warrant consideration. Crypto‑native sponsors and traditional financial institutions may operate under different regulatory frameworks and governance standards, which can influence risk management, operations and investor protections.

Benchmark methodology. The growth of digital asset products has led to the emergence of new benchmark providers. Evaluating a benchmark’s construction—such as exchange inclusion criteria, pricing methodologies and review processes—can be important. A poorly designed benchmark may diverge from broader bitcoin pricing, potentially affecting tracking outcomes.

Bringing it together

In a developing asset class, the structure and design of an ETP can be as consequential as the exposure it seeks to provide. Beyond headline fees, evaluating custody frameworks, sponsor profiles, benchmark methodologies and execution characteristics may help investors better understand potential costs and risks. As the market for crypto ETPs continues to evolve, a disciplined and holistic due diligence process remains essential.

– Sarah Cummings, executive director, ETF Strategist, Morgan Stanley Investment Management

Important risks and disclosures.

Ask an Expert

Q: Do I need to move my bitcoin to get a loan against it?

In many cases, yes — centralized lenders typically require custody of your bitcoin for the loan’s duration. However, structures vary across platforms, so it’s worth understanding who holds your assets and how they’re protected before committing.

Q: What’s the main risk advisors should flag?

Margin calls. If bitcoin drops sharply, clients may be forced to post additional collateral or face liquidation — often at the worst time. That forced sale can also trigger a taxable event, compounding the loss.

Q: Should I do this instead of selling some of my position?

It depends on conviction. If you believe bitcoin appreciates, borrowing preserves that upside while meeting liquidity needs. But if you’re uncertain about the position, adding leverage isn’t the answer — sometimes a clean sale is the simpler move.

– Ryan Tannahill, Investment Advisor Representative, iA Privabecoming

Keep Reading

• The U.S. Senate Banking Committee advanced its crypto market structure bill, the Clarity Act, to the Senate floor on Thursday, bringing it a step closer to passing it into law.
• Japan’s Financial Services Agency recognizes foreign-issued stablecoins as electronic p.yment methods under domestic law, effective June 1.
• Bank of England Deputy Governor Sarah Breeden says the BoE will publish draft stablecoin rules next month and finalize them by year-end.

Kraken’s operator Payward has moved closer to a formal UAE launch after receiving preliminary authorization from Dubai’s Virtual Assets Regulatory Authority (VARA). The company announced that the preliminary VARA nod came alongside a broker-dealer, investment and management licence from the regulator, signaling an expanding footprint in the Gulf region.

Kraken said the preliminary approval was granted on Thursday, with the full launch date yet to be confirmed. At market introduction, the exchange plans to offer AED funding, a full slate of trading services including margin and over-the-counter (OTC) capabilities, and access to Kraken Prime for institutional clients. This aligns with the firm’s stated objective of serving both retail and professional participants in the UAE.

“Kraken’s UAE expansion aligns with our prior regulatory footprint in the region and reinforces the UAE’s position as a regional hub for digital-asset activities,” Kraken’s spokesperson noted. The company also referenced earlier regulatory progress in the UAE, including its 2022 approval to operate within Abu Dhabi’s financial free zone framework under ADGM.

According to Kraken, the development fits a longer strategy to create a robust and compliant presence in the Middle East, leveraging a UAE licensing regime that is widely viewed by market participants as among the most mature in the region. The firm’s public messaging about the UAE expansion was shared in its official blog post linking the VARA authorization with its broader UAE ambitions.

Dubai’s VARA register has grown to include 49 active crypto firms across exchange, broker-dealer, custody and lending activities, illustrating the city’s push to establish a regional digital-asset services ecosystem. Notable names on the public register include Binance, Crypto.com, OKX, Deribit and HashKey, a reflection of Dubai’s strategy to attract global operators under a centralized regulatory framework. Kraken and its parent Payward do not yet appear on the regulator’s public list. The most recent update to the register shows CoinCorner obtaining approval to offer virtual-asset broker-dealer services on May 5.

Dubai’s regulatory posture continues to attract crypto firms despite geopolitical frictions in the region. Industry executives frequently point to regulatory clarity as a key differentiator when choosing where to establish or expand operations, especially versus jurisdictions that are perceived as more fragmented or uncertain. The UAE’s approach to licensing, oversight and risk management stands as a core reason why major institutions are weighing Dubai as a base for regional activity.

In the framing of the expansion, Kraken co-CEO Arjun Sethi was quoted as saying, “Dubai wrote a rulebook for crypto before most jurisdictions even acknowledged the asset class. That clarity is why real liquidity and institutional capital now sit in the UAE.” This sentiment underscores the broader narrative that regulatory certainty can translate into measurable access to liquidity and client demand for compliant operators.

Related coverage notes that the UAE’s licensing environment for crypto and government-related payments has been evolving, reflecting a broader policy push to integrate digital assets into a regulated financial ecosystem. For context, Crypto.com has previously secured a UAE license tied to government crypto-payments initiatives, illustrating a wider corporate migration toward Dubai’s structured regime for digital assets.

Key takeaways

• Kraken receives preliminary VARA authorization to operate in the UAE, paired with a broker-dealer, investment and management licence, signaling imminent market entry.
• The launch plan includes UAE dirham funding, margin trading, OTC services and access to Kraken Prime for institutional clients.
• Dubai’s VARA public register comprises 49 active crypto entities, with several major global platforms already listed; Kraken/Payward are not yet on the public register.
• The UAE’s regulatory framework is cited by industry participants as a key driver of liquidity and institutional participation in the region.
• Regulatory clarity in Dubai is positioned as a differentiator from jurisdictions perceived as more fragmented or uncertain, especially in the context of cross-border crypto operations.

Kraken’s UAE regulatory footprint and market entrance

The preliminarily cleared status from VARA, complemented by a broker-dealer, investment and management licence, marks a tangible milestone for Kraken’s regional strategy. The UAE has pursued a centralized, rule-based approach to digital assets, seeking to align exchange operations, custody, and ancillary services under a single regulatory umbrella. Kraken’s stated plan to offer AED-denominated funding and a full suite of trading services—including limited leverage through margin facilities and OTC desks—is aimed at meeting the demands of both sophisticated traders and institutional clients seeking compliant access to the region’s liquidity pools.

While the company’s announcement confirms the regulatory green light for a UAE-based operation, it also signals a transition phase for the broader market: operators are navigating a dual objective of rapid onboarding and rigorous risk controls. The 2022 ADGM license previously granted to Kraken under Abu Dhabi’s Global Market framework remains a foundational element of the firm’s regional compliance architecture, illustrating a layered regulatory engagement that some market participants view as a blueprint for cross-jurisdictional operations within the UAE.

From a compliance perspective, the combination of VARA’s licensing and ADGM’s established framework could facilitate a more predictable operating environment for foreign crypto firms. For banks and institutional clients, the UAE’s approach may translate to clearer AML/KYC processes, standardized onboarding, and defined capital and reporting regimes—elements that are increasingly essential for regulated market participation in digital assets. Observers note that such clarity can reduce counterparty risk and enable more robust risk governance structures for institutional participants looking to engage with UAE-based venues and counterparties.

Dubai’s regulatory landscape: a growing registry and policy implications

Dubai’s VARA registry’s expansion to 49 active firms demonstrates a sustained regulatory effort to formalize digital-asset activities across exchange, broker-dealer, custody and lending services. The selection of prominent global operators—such as Binance, Crypto.com, OKX, Deribit and HashKey—illustrates a deliberate strategy to attract marquee players while maintaining oversight through a centralized licensing framework. Kraken’s current absence from the public register highlights the ongoing process of formal listing and public disclosure, even as the regulatory apparatus enables market access through provisional approvals.

The UAE’s regulatory stance interacts with global policy trends in meaningful ways. As global markets grapple with the harmonization of crypto regulation, Dubai has pursued a dual strategy: enabling regulated market access for established operators while imposing stringent compliance requirements that align with international norms on AML/KYC, customer protection and financial stability. This approach has implications for licensing pathways, cross-border service provisioning, and the management of systemic risk within digital-asset ecosystems. In practice, firms seeking to operate in Dubai must navigate a layered regime that includes VARA licensing, potential cross-licensing with other UAE authorities, and ongoing supervisory reporting obligations.

Industry participants have emphasized that such regulatory clarity can facilitate legitimate liquidity flows and institutional capital retention within the UAE. The emphasis on a formal rulebook and predictable oversight may influence where firms choose to base regional operations, how they structure product offerings, and how they coordinate with local banks and custodians to support regulated digital-asset activities. For regulators, the UAE model raises considerations about enforcement, cross-border cooperation with other jurisdictions, and the balance between innovation incentives and financial integrity safeguards.

Dubai’s position in the broader policy and market structure

Even as regional tensions in the wider Gulf arena have unsettled some investors and events, Dubai’s ongoing development of a regulated digital-asset ecosystem continues to attract firms seeking greater regulatory certainty. The UAE’s approach to licensing and oversight is often contrasted with jurisdictions where rules are perceived as less transparent or rapidly changing. In this context, the maturation of VARA and the broader UAE regulatory architecture could influence international discussions on crypto policy and influence how other jurisdictions design licensing regimes to attract legitimate activity while addressing financial crime risks.

Looking ahead, observers will be watching for the timing of Kraken’s full launch in the UAE and whether the firm’s public registration status will align with its regulatory approvals. The degree to which VARA’s supervision will integrate with other UAE financial authorities, and how cross-border service provision will be governed, remains an area of interest for compliance teams, legal professionals and institutional desks monitoring evolving regulatory risk in the region.

Crypto market participants and policymakers alike may continue to assess how Dubai’s regulatory architecture helps reconcile the pace of product innovation with the need for robust governance. As Dubai consolidates its status as a regional crypto hub, the coming quarters will test the durability of a framework designed to attract global operators while maintaining a high standard of regulatory oversight.

Closing perspective: The UAE’s regulatory path for digital assets remains a defining factor for industry entrants. Kraken’s preliminary VARA authorization illustrates how a structured licensing environment can enable a measured market entry, with ongoing developments likely to shape cross-border collaboration, compliance practices and institutional access in the Middle East’s expanding crypto ecosystem.

In the midst of its playoffs surge, the top professional hockey league has agreed to coordinate oversight of betting on popular prediction markets with the U.S. Commodity Futures Trading Commission, securing a new memorandum of understanding similar to the one recently struck with Major League Baseball.

The National Hockey League, which had officially linked itself last year with both Kalshi and Polymarket as the league’s official prediction market partners, has agreed to share information with the regulator on event contracts tied to its games, according to a Thursday statement from the agency. The CFTC has been pursuing similar arrangements with all of the professional sports leagues, Chairman Mike Selig said at an event last week.

“This agreement is another step toward safeguarding the integrity of sports and protecting market participants in prediction markets from insider trading, fraud, and other abuses,” he said of the NHL arrangement in a statement.

Selig has made it a point to foster the industry and to defend his agency’s role as its sole regulator.

Prediction market betting has seen explosive growth in recent years, and along with its popularity has come concerns that the wagering is being abused and is encouraging cheating. In a Senate Commerce Committee hearing this week, lawmakers criticized the dark side of the industry. Bad actors — including among the athletes themselves — threaten to “sow doubt in the minds of fans,” said committee Chairman Ted Cruz.

“Integrity has always been and remains paramount to the NHL and fundamental to the trust our fans and partners place in our game,” said NHL Commissioner Gary Bettman, in a statement released by the CFTC. “Our agreement with the CFTC enhances the comprehensive integrity monitoring systems already in place and strengthens our ability to identify, deter, and address potential risks.”

According to the new MOU, the league and regulator will “endeavor to share information, upon request, regarding the integrity of professional hockey and the event contract markets related thereto or other matters deemed appropriate.”

Read More: Prediction markets firms take heat in Senate Commerce hearing scrutinizing surge