Kalshi's application for a preliminary injunction in the Southern District of New York was rejected by the judge, and the case will now proceed to the motion for dismissal stage.
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Kalshi says CFTC hasn’t contacted it over ‘unusual’ $5B trading activity
Kalshi said nearly $5 billion in similarly sized Ether perpetual trades reflected its liquidity incentive programs and rejected allegations that the activity was wash trading.
During his research visit to Guangzhou on the development of the artificial intelligence industry, Meng Fanli emphasized: Accelerate high-level applications across all regions, all times, and all industries to fully promote the high-quality development of the artificial intelligence industry.
According to Mars Finance, Meng Fanli, Deputy Secretary of the Guangdong Provincial Party Committee and Governor of Guangdong Province, visited several artificial intelligence (AI) companies in Guangzhou. He emphasized the need to thoroughly study and implement the spirit of General Secretary Xi Jinping's important speeches and instructions on Guangdong and Guangzhou, and to earnestly implement the deployments of the Guangdong Symposium on Accelerating the Development of the New Mechatronics Industry and the Guangdong AI Application Matching Conference. He stressed the importance of using more powerful and effective "policies + work" to fully promote the high-quality development of the AI industry and its high-level application across all regions, industries, and sectors, thereby accelerating the cultivation and development of new productive forces. Meng Fanli pointed out that global AI is currently experiencing explosive growth, and Guangdong possesses a strong industrial foundation, rich application scenarios, and a vibrant innovation ecosystem, making its AI industry development promising and highly valuable. He stressed the need to firmly grasp AI as a crucial driving force for the new round of technological revolution and industrial transformation, vigorously promote its rapid development and application, better empower various industries, bring it into every household, and drive high-quality development. We must fully leverage the advantages of mechatronics and hardware-software synergy, strengthen research and development of key core technologies and the transformation of research results in artificial intelligence, continuously attract investment and talent from across the country and globally, accelerate the strengthening of the entire artificial intelligence industry chain including chips, computing power, algorithms, data, and applications, cultivate a number of large-scale models in vertical fields and small-scale models for specific scenarios, develop and launch more industrial intelligent agents and life intelligent agents, and create a group of leading enterprises with outstanding technical strength, industry influence, and independent ecosystem construction capabilities. We must deepen and expand "AI+", adhering to full coverage, all-time response, and full industry penetration, comprehensively reviewing and fully developing all possible application scenarios in various fields such as intelligent manufacturing, smart parks, smart cities, smart healthcare, and smart transportation, especially accelerating the digital transformation of industrial enterprises, promoting the coordinated development of manufacturing and service industries, and better empowering the construction of a modern industrial system. We must create a first-class industrial ecosystem, comprehensively optimize policy supply, strengthen the guarantee of various factors such as finance, innovation, and talent, improve the artificial intelligence governance system, and promote the integration of large, medium, and small enterprises, upstream and downstream matching, and front-end and back-end closed loops in artificial intelligence development, creating a first-class environment and providing optimal services for high-quality industrial development. (Southern Plus)
An anonymous Bitcoin holder has filed a lawsuit in a New York court seeking to dismiss a claim against the ownership of a "dormant Bitcoin wallet."
According to Odaily, the New York State Supreme Court has seen a key defense in a lawsuit concerning ownership of 39,069 long-dormant Bitcoin addresses. An anonymous defendant who controls the dormant wallets in question has formally filed an application with the court requesting that the lawsuit be dismissed outright. The anonymous holder argued that a Bitcoin address is merely a string of data characters on the blockchain, not a legally recognized entity, and therefore not qualified to be sued. Furthermore, industry experts pointed out a critical technical shortcoming: even if the court ultimately rules in favor of the plaintiff, without the corresponding private key, the plaintiff cannot transfer or control these Bitcoin assets on the blockchain, rendering the judgment unenforceable. The plaintiff in this lawsuit is attempting to apply New York lost and found regulations, claiming that tens of thousands of long-dormant BTC are abandoned assets, intending to acquire full ownership through legal means. (Cointelegrap)
A New York court has ordered NanoBit, accused of fraud, to pay over $5.5 million in restitution and penalties.
According to Foresight News , the U.S. Securities and Exchange Commission (SEC) issued a statement saying that the Eastern District Court of New York ordered NanoBit Limited and five related defendants on June 16 to pay a total of $5,518,902 in illegal gains, pre-judgment interest, and civil penalties. The SEC stated that from September 2023 to June 2024, participants in the scam impersonated financial industry professionals in WhatsApp groups to build trust with investors and then instructed them to deposit funds into NanoBit. The investors' funds were not used for trading but were instead transferred to bank accounts in Hong Kong. Participants remitted over $2 million overseas and misappropriated hundreds of thousands of dollars of investors' crypto assets.
Kalshi loses appeal, setting up potential Supreme Court case
The 6th US Circuit Court of Appeals ruled against prediction market Kalshi, siding with Ohio and Tennessee on regulating sports-event contracts under state laws.
New York Wants to Ban Polymarket, Lawsuit Calls It 'Illegal Gambling Operation'
Attorney General Letitia James and Governor Kathy Hochul allege the prediction market operates without a license and exposes New Yorkers to gambling harms.