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Quick Take Kalshi has recently received cease and desist notices from gaming regulators in Nevada and New Jersey that seek to stop the prediction marketplace from offering contracts related to sports events and argue only state-licensed organizations can offer sports gambling. Kalshi sued the agencies in response, arguing that as a CFTC-regulated exchange, it is exclusively regulated by the federal government, and the Commodity Exchange Act preempts state law.
Web3 still hasn’t gone mainstream — but Ice Open Network is making decentralized tech feel as simple and seamless as Web2.
Quick Take Daily exchange volumes have dropped from a $126 billion post-election peak to $35 billion, returning to pre-election levels amid market uncertainty. The following is an excerpt from The Block’s Data and Insights newsletter.
Quick Take The FTX estate is set to begin repaying its creditor claims over $50,000 in value on May 30. Creditor repayments could take time given a large volume of likely fraudulent claims, one of FTX’s bankruptcy attorneys said, according to a Bloomberg report. The cryptocurrency claims are valued as of the bankruptcy petition date, November 11, 2022; the price of BTC is currently 5x higher than that value.
- 05:22Citi: Negative U.S. Economic Outlook to Moderately Boost Gold PricesAccording to a report by Jinse Finance, Citigroup has raised its three-month gold price forecast from $3,300 per ounce to $3,500 per ounce, and adjusted its expected trading range from $3,100–$3,500 to $3,300–$3,600, citing a deteriorating outlook for U.S. economic growth and inflation. The bank stated: “Concerns over U.S. economic growth and tariff-related inflation are expected to intensify in the second half of 2025. Along with a weakening U.S. dollar, this will moderately push gold prices higher, reaching new historical highs.” Citigroup also emphasized that weaker U.S. employment data in the second quarter of 2025, growing doubts about the credibility of the Federal Reserve and U.S. statistical agencies, and rising geopolitical risks related to the Russia-Ukraine conflict are all contributing factors. Citigroup estimates that since mid-2022, total gold demand has increased by more than one-third. (Jin10)
- 05:17Solana Network DEX 24-hour trading volume surpasses $1.4 billion, ranking second across all networksAccording to Jinse Finance, data from DefiLlama shows that in the past 24 hours, the Solana network's DEX trading volume reached $1.413 billion, ranking second across all networks. The top three DEX protocols by trading volume within the Solana ecosystem are Raydium, Meteora, and Pump.
- 05:14UK Fintech Firm Revolut Faces Setback in Banking License ApprovalAccording to Jinse Finance, global fintech company Revolut has been waiting for over three years for approval of a full banking license in the UK, and is now caught in a public dispute between UK Chancellor Rachel Reeves and Bank of England Governor Andrew Bailey. The controversy arose when Reeves attempted to expedite the approval process by arranging a meeting between Revolut and Bank of England regulators, but Bailey blocked the move, citing concerns over interference with the central bank’s independent regulatory authority. This incident has raised concerns about the future prospects of the UK’s fintech industry, especially as Revolut considers a potential listing in the United States, which could impact the UK’s status as a global fintech hub.