3 hours ago
The U.S. Commodity Futures Trading Commission`s legal campaign against prediction market platforms such as Polymarket and Kalshi can`t just be shut down, according to Caroline Pham, the acting agency chairman put in place by President Donald Trump. Pham said the agency will gather experts for a roundtable meeting , probably next month, that can build a case for how the commission ought to approach regulation and oversight of firms that offer betting on event contracts. She noted that despite her continued objections in recent years to former Chairman Rostin Behnam`s enforcement stance against prediction markets — including wagers made on sporting events and U.S. political outcomes — the agency moved too far on its path to easily reverse it. "Unfortunately, the undue delay and anti-innovation policies of the past several years have severely restricted the CFTC’s ability to pivot to common-sense regulation of prediction markets,” Pham said. "The current commission interpretations regarding event contracts are a sinkhole of legal uncertainty and an inappropriate constraint on the new administration." Setting up the roundtable is a "necessary first step in order to establish a holistic regulatory framework that will both foster thriving prediction markets and protect retail customers from binary options fraud such as deceptive and abusive marketing and sales practices," Pham said. The CFTC lost an initial court case against Kalshi when a U.S. federal judge ruled late last year that the agency couldn`t stop the firm from listing election contracts. However, the agency pursued an appeal with a higher court, and Kalshi argued in that new legal dispute that only Congress can halt election betting . Read More: CFTC Fines Crypto Betting Service Polymarket $1.4M for Unregistered Swaps The CFTC had taken a position through rules, orders and enforcement work that such political betting isn`t permitted under derivatives laws and that the agency doesn`t have the ability to police manipulation of those markets — basically arguing that it would have to be an elections cop. With only days remaining in his chairmanship, Behnam`s agency was seeking information about Polymarket`s customers from crypto exchange Coinbase. In language that`s a sharp contrast from Behnam`s resistance, Pham called prediction markets "an important new frontier in harnessing the power of markets to assess sentiment to determine probabilities that can bring truth to the Information Age." She added the agency needs to "break with its past hostility." Read More: Polymarket`s Customer Data Sought by CFTC Subpoena of Coinbase, Source Says Pham is running the agency in the absence of Trump naming a permanent nominee to seek Senate confirmation to take over. So far, the president has only picked a head for its cousin regulator, the Securities and Exchange Commission. Such confirmations can take months, so whether or not Pham becomes a frontrunner for the permanent job, she`ll have time to accomplish some policy goals at the CFTC.
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Source: CoinDesk
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Policy Caroline D. Pham Commodity Futures Trading Commission Prediction Markets Kalshi Polymarket Donald Trump
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Bitcoin Price Recovery Loses Steam: Are More Losses Ahead?
Bitcoin price started another decline below the $100,500 zone. BTC is trimming gains and might continue to move down toward the $95,000 zone. Bitcoin started a fresh decline below the $100,000 level. The price is trading below $98,800 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $95,000 zone. Bitcoin Price Dips Below $98,000 Bitcoin price failed to continue higher above the $102,500 zone. It started another decline below the $99,500 zone. BTC gained bearish momentum for a move below the $98,800 and $97,500 levels. The bears pushed the price below the 50% Fib retracement level of the upward wave from the $91,000 swing low to the $102,500 high. The price even tested the $96,500 support zone and is currently consolidating losses with a bearish angle. Bitcoin price is now trading below $98,800 and the 100 hourly Simple moving average . On the upside, immediate resistance is near the $98,000 level. There is also a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair. The first key resistance is near the $99,500 level. The next key resistance could be $100,000. A close above the $100,000 resistance might send the price further higher. In the stated case, the price could rise and test the $102,500 resistance level. Any more gains might send the price toward the $103,500 level. More Losses In BTC? If Bitcoin fails to rise above the $98,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,500 level. The first major support is near the $95,400 level or the 61.8% Fib retracement level of the upward wave from the $91,000 swing low to the $102,500 high. The next support is now near the $93,700 zone. Any more losses might send the price toward the $95,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $96,500, followed by $95,000. Major Resistance Levels – $98,000 and $100,000. CoinDesk
BlackRock To List New Spot Bitcoin ETP in Europe Following Big Success of US Product: Report
Asset management titan BlackRock is reportedly going to list a new spot market Bitcoin ( BTC ) exchange-traded product (ETP) in Europe, its first digital asset-related venture into the continent. According to a new report from Bloomberg, BlackRock – which has over $10 trillion in assets under management – is getting ready to launch a BTC ETP in Europe after its US iShares Bitcoin Trust ETF (IBIT) was a massive success. Anonymous people familiar with the matter say that the ETP will be based out of Switzerland and that BlackRock could start advertising the fund as soon as sometime this month. Exchange-traded funds (ETFs) and ETPs allow traders to expose themselves to assets – such as precious metals and crypto – without having to actually physically purchase them. BlackRock first launched IBIT in January 2024 after years of having its bid delayed by the U.S. Securities and Exchange Commission. Previously, Bloomberg found that IBIT had the best debut out of all other US BTC ETFs. At the time, it was found that IBIT held more assets than BlackRock’s Gold ETF despite it being launched nearly two decades earlier in 2005. According to BlackRock’s official website , the net assets of IBIT are $57.4 billion while Bloomberg reports that Europe’s total crypto ETP market is sized at around $17.3 billion. IBIT is trading for $56.09 at time of writing, a marginal decrease on the day while the top crypto asset by market cap is valued at $98,146. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post BlackRock To List New Spot Bitcoin ETP in Europe Following Big Success of US Product: Report appeared first on The Daily Hodl . CoinDesk
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