Michigan authorities continue pursuit to block Kalshi as Supreme Court fight looms
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New Jersey officials petition US Supreme Court over prediction markets
New Jersey’s Attorney General and gaming authorities filed a petition for a writ of certiorari to the US Supreme Court over Kalshi offering sporting event contracts to residents.
Warsh on the Supreme Court's ruling on the Federal Reserve: "We don't need to worry about political factors."
PANews reported on July 1 that Federal Reserve Chairman Warsh gave his initial response to the Supreme Court's ruling this week that blocked President Trump's dismissal of Federal Reserve Governor Cook: "The Federal Reserve operated independently and followed its statutory duties until the Supreme Court's ruling. Following the Supreme Court's ruling, the Federal Reserve will continue to do so… I trust the federal judges appointed under Article III of the Constitution and I firmly believe in the rule of law. We will follow the Supreme Court's ruling, but from the perspective of day-to-day operations, this ruling reaffirms our position: we are doing everything in our power to perform our duties impartially, just as a referee would judge a ball. We take our reform goals seriously and will deliver on the important commitments Congress has given us—namely, achieving price stability within the framework of our 'dual mandate'; as long as we do this, we need not worry about political interference or judicial intervention. We can focus on the task at hand."
Kalshi and other prediction market analysts are facing legal disputes in multiple US states, with North Carolina nearing the implementation of taxation measures.
Odaily Odaily reports that the prediction market industry, represented by Kalshi, is facing legal disputes in multiple US states and has argued in a series of court hearings this week that state regulators should not have jurisdiction. The legal disputes continue in Nevada and Michigan, with on-site arguments underway in Minnesota, and the case may also be appealed to the US Supreme Court. Meanwhile, North Carolina is close to imposing state taxes on prediction market revenue. (CoinDesk)
The whereabouts of Iran's new Supreme Leader remain unknown, and Tehran continues to hold mourning ceremonies for Khamenei.
According to BlockBeats, on July 5th, CNN reported that mourning ceremonies for the late Supreme Leader Ayatollah Ali Khamenei continued in Tehran and other parts of Iran, with millions expected to attend, and the mourning period lasting until July 9th. Meanwhile, doubts remain regarding his successor. His son, Mojtaba Khamenei, has reportedly not yet made a public appearance, raising concerns about the power transition and actual governance. The Iranian Islamic Revolutionary Guard Corps also warned of potential security threats against the country in the coming days. Regarding the regional situation, shipping disruptions have occurred in the Strait of Hormuz, with several vessels turning back during attempts to pass, indicating continued uncertainty. Separately, reports indicate that US President Trump and Israeli Prime Minister Benjamin Netanyahu have spoken and agreed to meet in the US soon, drawing attention to further coordination between the US and Israel amid the conflict with Iran.
South Korea's Supreme Court plans to introduce procedures for the seizure and disposal of crypto assets, which are expected to be formally implemented in October.
According to Mars Finance, on July 6th, the South Korean Supreme Court proposed a draft amendment to its civil enforcement rules, aiming to establish procedures for the seizure, attachment, and liquidation of crypto assets, providing a clear legal basis for courts to enforce civil judgments involving cryptocurrencies. According to the draft, after a court issues a seizure order, the debtor will be immediately prohibited from disposing of the relevant crypto assets and must transfer the assets to a court enforcement officer. The seizure will officially take effect upon the officer's receipt. Regarding asset disposal, the court can directly transfer the crypto assets to the creditor according to the value determined by the court, or instruct the enforcement officer to sell the assets. The enforcement officer can transfer the assets to a dedicated account of a Virtual Asset Service Provider (VASP) for sale, or entrust a relevant platform to sell them on their behalf; if necessary, the assets can also be converted into more liquid cryptocurrencies such as Bitcoin before liquidation. Furthermore, the draft amendment clarifies preservation measures for crypto assets during litigation, including preliminary attachment and injunctions, to prevent debtors from transferring or concealing crypto assets. The South Korean Supreme Court stated that with the increasing number of civil cases involving crypto assets, it is necessary to improve the relevant enforcement rules. The draft will be open for public comment until August 11, and the revisions are expected to take effect in October this year.
The Supreme Court of South Korea seeks public comment on rules for civil enforcement of virtual assets.
PANews reported on July 6th that, according to Digital Asset, the South Korean Supreme Court issued a legislative notice on July 2nd regarding partial amendments to the Civil Enforcement Rules, establishing regulations for the enforcement of civil judgments related to virtual assets. Following a public consultation, the amendments will take effect on October 1st. The amendments cover the enforcement and realization of claims for the transfer of digital assets, as well as the enforcement and realization of the digital assets themselves. Once a court seizure order takes effect, third-party debtors are prohibited from transferring assets to the debtor, and the debtor is also prohibited from disposing of related rights. The seizing creditor can apply to the court to require the third-party debtor to state whether they acknowledge the claim and its specific details. Seized assets can be realized through transfer or sale orders. Sales can be conducted through entrusting virtual asset businesses, transferring assets to an enforcement officer's account before sale, or exchanging them for easily liquidated digital assets before sale.