Yen’s rise has led to a broad-based USD weakness, driving the Dollar Index lower. BTC and gold are loving it, for now.
FX has stopped reading bond yields the old way. Bitcoin should too.
Your day-ahead look for Sept. 3, 2026
Bitget in talks with Wall Street giants including BlackRock to fuel Asian distribution
Gracy Chen highlighted the world’s largest asset manager as one example of such a firm seeking to expand distribution of their tokenized ETFs in the region.
Michigan Authorities Continue Pursuit to Block Kalshi as Supreme Court Fight Looms
Michigan’s attorney general announced that a state court had ordered a preliminary injunction against Kalshi, blocking the prediction markets platform for residents amid what officials called “sports betting […] masquerading as an investment opportunity.”
In a Wednesday notice, Attorney General Dana Nessel said that the Circuit Court for the 30th Judicial Circuit in Ingham County approved an order blocking Kalshi from offering event contracts to state residents. The company could be fined up to $500,000 per day for violations.
“Kalshi long attempted to pass itself off as a legitimate gaming operation in our state, and I am relieved that this order further protects Michigan residents from its predatory, unlicensed practices,” said Nessel.
The Michigan court’s actions were the latest in a series of legal battles between prediction market companies like Kalshi and Polymarket and US state authorities. Nessel filed the lawsuit against Kalshi in March, alleging that the platform violated state law on sports gambling — a claim made in many similar lawsuits across the country.
Related: Kalshi issues first lifetime ban for Republican politician over insider bets
Notably, the preliminary injunction followed a Michigan court’s June restraining order barring Kalshi from offering sports betting to residents. The US Commodity Futures Trading Commission (CFTC) ordered Kalshi not to comply with the state order and continue operating, an action that the company described as putting it in an “impossible position.”
Cointelegraph reached out to Kalshi for comment but did not receive an immediate response.
New Jersey petitions US Supreme Court to weigh in on prediction markets
The Michigan state court order came the same day officials in New Jersey announced they had filed a petition for a writ of certiorari to the US Supreme Court over the state’s case against Kalshi. The case, if heard by the justices, could potentially end competing legal theories on whether the CFTC or state authorities have jurisdiction over prediction markets.
“[I]t would be reasonable for the Supreme Court to take it up, but they also may wait for the cases to be decided on the merits and not simply procedural issues like granting a preliminary injunction or not,” Melinda Roth, a visiting professor of practice at New England Law in Boston, told Cointelegraph. “Nevertheless, I still believe the Supreme Court will take this up, if not from New Jersey’s cert petition, then soon, given the amount of ongoing litigation in this area.”
Roth added:
“If and when SCOTUS takes it up, then this will likely decide whether sports event contracts are federally regulated by the CFTC or the states have the right to ban and/or regulate them as they see appropriate. I say ‘likely’ because Congress might actually act too. They could act before a SCOTUS review, or even after too.”
Some US lawmakers have proposed legislation to address Kalshi and Polymarket customers using insider information on event contracts. In March, Senators Adam Schiff and John Curtis introduced a bill to prohibit platforms registered under the CFTC from listing any event contract that “resembles a sports bet or casino-style game,“ referring jurisdiction to individual states’ authorities.
Magazine: Does the Bitcoin rally mean we haven’t wasted our lives in crypto?
A memecoin making app becomes crypto’s top fee generators as Robinhood Chain activity explodes
Users paid nearly $6 million in a day to create and trade tokens through Pons, more than they paid to use Pump or Hyperliquid, and even more than they paid to use Robinhood Chain itself.
Standard Chartered brings spot crypto trading to Dubai FX platform
The bank is now offering institutional crypto spot trading in the region, bringing BTC and ETH onto the same eFX rails that institutions use to trade dollars and euros.
Kalshi Seeks CFTC Greenlight for Regulated WTI Oil Perpetuals
Prediction market operator Kalshi will reportedly seek regulatory approval for a West Texas Intermediate (WTI) crude oil perpetual futures contract that never expires.
The contract could be filed with the Commodity Futures Trading Commission (CFTC) as soon as next week, a person familiar with the matter told Bloomberg. It would trade 24 hours a day, five days a week, according to Reuters.
If approved, it would be the first oil-linked perpetual futures product to trade on a regulated US platform.
Cointelegraph has approached Kalshi for comment.
Perpetual futures, commonly called “perps,” are derivatives without expiration dates, allowing traders to maintain positions indefinitely without rolling them into new contracts.
In June, the CFTC sought public comments on extending standard futures contracts to 24/7 trading and allowing perpetual contracts linked to physically delivered or storable energy commodities, including crude oil.
In July, the regulator halted the self-certified listing of a CME Group contract that would have introduced 24/7 crude oil futures trading while it examined whether the product complied with federal commodities law.
On Aug. 24, Ondo Finance submitted three comment letters to the SEC and CFTC urging US regulators to bring perpetual futures tied to individual stocks onshore. Ondo argued that these products could operate under the country’s existing security futures framework without new rules.
Kalshi’s push into oil derivatives comes as its prediction-market business faces a separate jurisdictional dispute over whether federal commodities law preempts state gambling enforcement against event contracts traded on CFTC-regulated exchanges.
On Tuesday, a Michigan state court issued a preliminary injunction barring Kalshi from offering sports-related event contracts in the state and requiring it to maintain geofencing that blocks Michigan residents.
On Wednesday, New Jersey asked the US Supreme Court to resolve the jurisdictional dispute after federal appeals courts reached conflicting decisions in cases involving New Jersey and Nevada.
Related: Crypto industry urges SEC to avoid blanket novel ETF restrictions
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Crypto for Advisors: Why crypto earnings reports can be misleading
Crypto for Advisors: Why crypto earnings reports can be misleading
SoFi, Kraken tie up as crypto and banking push into each other's turf
Kraken is joining SoFi’s settlement network and list SoFiUSD as the companies link traditional banking with crypto markets.
DWF Labs Expands Regulated Crypto Operations With BVI VASP Licence
DWF Labs said a group entity has secured regulatory approval as a Virtual Asset Service Provider in the British Virgin Islands.
The approval from the British Virgin Islands Financial Services Commission allows the entity to exchange virtual assets and provide financial services connected with token issuances, according to DWF Labs. The authorization was granted under the territory’s Virtual Assets Service Providers Act.
DWF plans to use the regulated entity to offer institutional clients OTC trading and market-making services, including spot transactions across cryptocurrencies and stablecoins.
More From AlexaBlockchain
The approval matters as crypto trading firms increasingly seek regulated entities through which they can serve professional investors.
BVI rules require registered VASPs to meet governance, compliance, risk-management and anti-money-laundering requirements.
The jurisdiction has also attracted other digital-asset trading firms. Kraken’s Payward Oceanic entity received BVI authorization covering exchange, custody and transfers in June, while firms including Nonco and VersiFi operate under the same regime.
The BVI has also become a domicile for tokenized investment products. BlackRock’s BUIDL fund and OpenEden’s tokenized Treasury vehicle use BVI-based entities, according to RWA.xyz.
“The Virtual Asset Service Provider approval from the British Virgin Islands Financial Services Commission is a key step in responsibly expanding and delivering DWF Labs’ regulated digital asset services to international institutional clients,” Managing Director and Partner Heng Lee said in a statement shared with AlexaBlockchain.
He added that the approval would allow DWF Labs to broaden its products and services while strengthening its focus on transparency and governance.
The above article “DWF Labs Expands Regulated Crypto Operations With BVI VASP Licence” was first published on AlexaBlockchain. Read the complete article here: https://alexablockchain.com/dwf-labs-expands-regulated-crypto-operations-with-bvi-vasp-licence/
Read Also: This is the First U.S.-Chartered Depository Bank to Offer Stablecoin Invoicing
Disclaimer: The information provided on AlexaBlockchain is for informational purposes only and does not constitute financial advice. Read complete disclaimer here.