CFTC shields Kalshi from NY as revenue doubles

The CFTC invoked emergency authority Tuesday to order Kalshi to keep operating in New York, days after Attorney General Letitia James sued to block its sports contracts. Chairman Mike Selig argued the contracts are federally regulated swaps, stating “Congress did not intend for derivatives exchanges to be regulated under a patchwork of state gaming laws.”

Kalshi has topped a $4 billion annualized revenue run rate, double its level from two months ago, and is raising at a $40 billion valuation according to The Information. This marks the CFTC’s third intervention for Kalshi after a similar move in Michigan, though the underlying cases remain unresolved.

Crypto majors traded flat ahead of CPI with Bitcoin at $64,000 and Ethereum at $1,910. The SEC set an August 14 meeting to propose “Regulation Crypto,” its first formal crypto rulemaking that would let projects raise capital without registering securities.

Robinhood Chain is doing 10 times the revenue of Base with TVL nearing $500 million. Exchange spot volume fell 21.7% in July to $429 billion across 14 major venues, per data from WuBlockchain.

Strategy‘s credit model sets the undercollateralization floor at $16,184, meaning Bitcoin would need to crash roughly 68-75% before the structure breaks. MoneyGram expanded on Solana with a global crypto-to-cash service, letting users convert stablecoins to physical cash.

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