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FlightAware abruptly drops lawsuit against Kalshi over flight data

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FlightAware abruptly drops lawsuit against Kalshi over flight data

According to a Fortune article in July, Kalshi decided to pause flight cancellation contracts, after social media users expressed concerns over malicious actors causing flight cancellations to collect payouts. And according to Kalshi data, retail participation in the niche aviation series has been modest. For the U.S. flight cancellation bet currently open until Aug. 14, the data reveals only 31,412 total contracts traded, representing $1,842.48 in aggregate dollar volume and only 1,120 contracts held in open interest. The low liquidity here stands in stark contrast with Kalshi’s $148 billion in volume this year alone, that same data shows.

The filing does not state whether the companies reached an agreement or whether Kalshi changed its markets or their settlement source.

Kalshi and FlightAware were contacted via email for comment but neither responded immediately.

FlightAware had accused Kalshi of using its flight data and a trademark without permission to run bets on airline cancellations. The flight tracking firm was seeking damages and an injunction over contracts that allowed users to trade on the percentage of flights canceled nationally or at specific airports.

Kalshi had denied violating FlightAware’s license or infringing its trademark, according to the original complaint. It said its references to FlightAware constituted nominative fair use. The platform had also identified U.S. Department of Transportation flight data as an alternative source for settling the contracts, according to FlightAware’s complaint.

Following Senate Delay, Crypto Bill has a Narrow Window to Become Law

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Following Senate Delay, Crypto Bill has a Narrow Window to Become Law

The Digital Asset Market Clarity (CLARITY) Act is expected to be held for a cloture vote in September upon the US Senate’s return, but it still faces significant hurdles on the path to becoming law.

Just before the Senate broke for a month-long recess last week, Majority Leader John Thune filed cloture for the crypto market structure bill to go to the floor for consideration. Lawmakers will return from recess on Sept. 14, but only have 14 days scheduled to be in session before breaking for a recess before the November election and another 22 days before the end of the year.

This 36-day window for the CLARITY Act still has many crypto industry advocates publicly expressing their optimism for the bill’s chances in Congress, but lawmakers have not announced any deal on many of the provisions still at issue. These include ethics language affecting US President Donald Trump’s ties to digital assets and additional restrictions for crypto companies offering stablecoin rewards.

The Senate has had 13 months to consider the CLARITY Act since it was passed by the House of Representatives last year. In that time, the chamber faced more than one government shutdown, pushback from industry leaders and opposition from many Democrats saying that the then-version of the bill would enable what they called Trump’s “crypto corruption.”

Related: Crypto industry will be ‘just fine’ if CLARITY Act doesn’t pass: Chris Perkins

Should the Senate hold a cloture vote in September, lawmakers would still have only a matter of days to address issues in the bill before a potential floor vote and breaking for the pre-election recess. After November, when 33 Senate seats and all 435 House seats will be up for grabs, the midterm election results could complicate discussions on the legislation, with many members of Congress potentially leaving in 2027.

US regulators to step up amid uncertain legislation?

With the market structure bill once again in limbo for at least a month, many experts are looking to financial agencies like the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) for regulatory clarity. The legislation was expected to give the CFTC more authority to oversee and enforce regulations affecting digital assets, but with the law still under consideration, agencies have signaled they will act even if Congress won’t.

In a July interview, SEC Chair Paul Atkins said that the agency was “ready, willing, and able to come out with rules“ to address crypto if Congress failed to pass CLARITY. Similarly, CFTC Chair Michael Selig said in April that the commission was “ready to take responsibility” to oversee crypto markets, speaking in reference to lawmakers passing the market structure bill. Both agencies have taken steps to coordinate oversight of financial markets.

Magazine: BIP-110 ends with a whimper, CLARITY vote punted: Hodler’s Digest, Aug. 9

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.

Bitcoin (BTC) price steady as U.S. inflation data looms, Harmony exploit rattles altcoins

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Bitcoin (BTC) price steady as U.S. inflation data looms, Harmony exploit rattles altcoins

Crypto markets were steady on Wednesday as traders absorbed a protocol exploit while waiting for a U.S. inflation report that often sets the tone for risk assets.

Harmony, a layer-1 blockchain network for DeFi protocols and marketplaces. confirmed it had been hit by an exploit early in the Asian day. An attacker minted some 4 billion ONE tokens through empty blocks, representing about 26% of the token’s circulating supply.

Around 2.8 billion of the tokens were quickly funneled to exchanges, pushing ONE down as much as 40% to a record low.

Broader markets were also little changed before the July U.S. CPI print, due at 12:30 UTC. Brent crude is near $90 a barrel after more Houthi attacks on shipping in the Bab el-Mandeb Strait and a U.S. strike on a vessel in the Gulf of Oman renewed supply concerns overnight.

Bitcoin BTC$64,111.17 absorbed all of this quietly, adding 0.23% since midnight UTC to around $63,900. The Fear and Greed index is at 38.

Derivatives positioning

  • Futures market stasis masks a bearish shift in taker sentiment: While the aggregate crypto futures market appears to be in stasis, with negligible changes in total volume and open interest, underlying positioning is shifting. The long-short ratio for takers, or those executing market orders that remove liquidity from the book, has flipped bearish, with shorts now accounting for 51.36% of activity. This is a 180-degree reversal from the bullish bias observed earlier in the week.
  • Avalanche shows signs of aggressive shorting as open interest climbs: The AVAX token has emerged as one of the largest laggards among the top 100 coins over the past 24 hours, even as open interest (OI) grew 6%. A combination of falling prices and rising OI validates the current weakness in the spot price. Confirming this trend is the 24-hour cumulative volume delta (CVD), which is the most negative among major assets, suggesting that bears are aggressively shorting via market orders rather than utilizing passive limit orders.
  • Dogecoin leverage builds toward a potential volatility breakout: Open interest in DOGE futures continues to climb, surpassing 17.2 billion tokens, the most since October. This significant growth from the June low of 12 billion tokens occurred while the price remained pinned near the 7-cent mark. The buildup of leverage amid sideways price action suggests that the market may be coiled for a significant volatility event in the near term.
  • Major assets see light positioning: Market participation in the two largest cryptocurrencies remains subdued, with bitcoin’s open interest hovering below 750,000 BTC. This lack of momentum has persisted for several weeks, and a similar trend is visible in ether ETH$1,907.86, indicating that institutional and retail traders alike are currently sidelined in the majors.
  • Selling pressure dominates the altcoin market according to CVD trends: Most of the 25 largest cryptocurrencies are exhibiting negative 24-hour cumulative volume deltas. This widespread selling pressure indicates a general bearish tilt across the sector, with Chainlink LINK$8.8068, Cronos CRO$0.04693, and Tron TRX$0.3367 being the only notable exceptions.
  • Implied volatility remains depressed ahead of key U.S. inflation data: Bitcoin’s 30-day implied volatility index, BVIV, is back under pressure, receding to 37.5% from Monday’s high of 38.66%. Short-dated one-week implied volatilities also remain at low levels, signaling that options traders are not anticipating significant changes following the U.S. CPI release. This suggests the market may be underpricing the actual event risk.
  • Options traders eye the $70,000 level while hedging for volatility: In the Deribit bitcoin options market, the $70,000 call remains the most actively traded contract for the second consecutive day. Simultaneously, there is a growing preference for BTC strangles, a strategy involving the simultaneous purchase of puts and calls, indicating that some participants are positioning to profit from a sharp move in either direction.

Token talk

  • CRV is the week’s standout performer, up roughly 35% over seven days and trading around 28 cents. The move coincides with a 15% annual emissions reduction that is set to trigger imminently. It has risen by more than 3% since midnight UTC.
  • Uniswap (UNI) has tumbled by more than 10% over the past 24 hours with no clear catalyst for the slide, suggesting the altcoin market remains vulnerable to price swings due to limited liquidity and market depth.
  • Monero (XMR) is up by 5.8% since midnight and has now retraced Tuesday’s entire shift to the downside.
  • AI tokens NEAR, FET and TAO are all also in the black, up by between 1.3% and 2.3% respectively as AI-themed optimism slowly returns to the market after months of waning sentiment.

CoreWeave (CRWV) 17% surge lifts neocloud stocks as AI infrastructure outpaces crypto

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CoreWeave (CRWV) 17% surge lifts neocloud stocks as AI infrastructure outpaces crypto

CoreWeave (CRWV) shares surged 16% in pre-market trading on Wednesday after the company delivered stronger growth and raised its full-year outlook, lifting the broader neocloud market.

The AI infrastructure provider said second-quarter revenue more than doubled to $2.58 billion, narrowly beating expectations, while its net loss of $626 million was smaller than analysts projected. The company forecast third-quarter sales of $3.45 billion to $3.6 billion and increased its 2026 revenue guidance to between $12.4 billion and $13.2 billion.

IREN (IREN) and Cipher Digital (CIFR), both gained 5% as investors piled into companies positioned to benefit from accelerating demand for AI computing.

CoreWeave ended the quarter with $104 billion in contracted business and added more than $25 billion of customer commitments after the period closed. Management also said recently signed deals carried margins five to 10 percentage points above recent levels, reflecting scarce capacity and favorable pricing.

The results reinforce a widening market divide. AI infrastructure continues to attract capital, customers and premium valuations, while bitcoin and the broader crypto trade struggle to match that momentum as bitcoin trades below $64,000.

One overlooked group has added $1.78 billion of selling pressure to bitcoin market

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One overlooked group has added $1.78 billion of selling pressure to bitcoin market

That amount is smaller than the ETF outflows. But in financial markets, price is set at the margin. The most recent buyers and sellers, not the cumulative volume over months, determine where the price goes. In a downtrend, when buying interest is already weak, even relatively modest and steady selling can have an outsized impact.

“Early year sales from public miners are an underdiscussed contributing factor [in] Bitcoin’s poor price performance in 2026,” the research and analysis division of Blockware Solutions said in its latest newsletter.

Many of these companies are facing squeezed margins, with the average cost to produce one bitcoin at $74,300. In response, a growing number are pivoting into AI and using their secured high-voltage electrical capacity to support that shift.

At the same time, mining difficulty, the computational work needed to add a new block, has fallen about 18% from its November peak, marking the longest stretch of declining hashrate.

In other words, the exodus and AI pivot of several large miners has eased competition, making BTC cheaper to mine and boosting rewards for those still in the game, a classic free-market reset that could lure new miners back in.

“In other words, the rest of the miners are earning ~18% more Bitcoin now than they were 10 months ago. The exodus of the largest players in the industry is improving the economics for the miners that remain,” Blockware said.

SEC to Address Crypto Regulations in Absence of CLARITY Passage

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SEC to Address Crypto Regulations in Absence of CLARITY Passage

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All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

Where the money’s flowing in bitcoin and ether markets

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Where the money’s flowing in bitcoin and ether markets

The demand for this bullish exposure suggests some investors expect the ongoing choppy price action in BTC to end with a decisive move toward $70,000. Perhaps, they expect the CPI to come in softer-than-expected, lifting risk assets higher.

Economists currently expect the July report to show headline CPI rising 0.1% month-over-month and 3.4% year-over-year. Core CPI, which strips out food and energy, is forecast to rise 0.2% month-over-month and 2.5% year-over-year, according to consensus estimates from Reuters, Dow Jones, and Bloomberg surveys.

Other traders are less focused on direction and more interested in a jump in volatility.

“We reiterate our recommendation to accumulate December optionality, leveraging depressed implied volatility across the curve ahead of several key catalysts, notably updates on bipartisan Clarity Act negotiations, shifts in Middle East geopolitical risks, and potential monetary policy pivots,” TDX Strategies said.

“Structurally, we favour December strangles on BTC and SOL,” the firm added.

A strangle involves buying both a call and a put with the same expiration. The position profits if the price makes a large move in either direction. The maximum loss is limited to the combined premium paid and occurs only if the market stays relatively flat.

Volatility could expand quickly once bitcoin breaks out of its recent range, according to Jeff Anderson, managing partner at market-making firm STS Digital.

CFTC Orders Kalshi to Keep Operating Amid New York Lawsuit

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CFTC Orders Kalshi to Keep Operating Amid New York Lawsuit

The US Commodity Futures Trading Commission (CFTC) invoked its emergency authority on Tuesday, ordering prediction market Kalshi to continue operating.

The CFTC said that New York’s enforcement action and request for a temporary restraining order themselves constituted a market emergency and directed Kalshi to continue operating in accordance with its normal practices and the Commodity Exchange Act’s Core Principles.

New York’s requested temporary restraining order would bar Kalshi from operating a business offering contracts tied to sports, culture, elections and other events in or from New York or to people in the state. The CFTC said the order could prevent Kalshi from offering all event contracts nationwide because it is based in New York. According to the CFTC, New York is seeking at least $36 billion in compensatory damages pending an accounting.

The CFTC said the Commodity Exchange Act requires the commission to provide a uniform national derivatives market and that major disruptions threaten orderly trading and price discovery. CFTC Chair Michael Selig said Congress did not intend derivatives exchanges to face a “patchwork of state gaming laws.”

The confrontation is part of a broader national fight over whether the Commodity Exchange Act preempts state gambling laws as applied to event contracts traded on federally regulated exchanges.

CFTC challenges state oversight of prediction markets 

In the lawsuit filed on July 31, New York alleges Kalshi runs an illegal, unlicensed gambling business by offering contracts tied to sports, elections, culture and other events. The state is seeking restitution, disgorgement, damages and penalties, including a penalty equal to three times Kalshi’s alleged gains and $100,000 for each unauthorized sports wagering offer or attempt in New York.

Kalshi says states cannot shut down a federally licensed exchange, while the CFTC argues that the Commodity Exchange Act gives it exclusive jurisdiction over transactions involving swaps traded on designated contract markets, including event contracts Kalshi lists as swaps.

A federal judge in a separate New York case denied Kalshi’s request for a preliminary injunction on July 7, finding at that stage that New York gambling laws were not preempted by the Commodity Exchange Act as applied to Kalshi’s sports-event contracts.

Related: Judge stays CFTC’s case against US soldier over prediction market bets

In a separate federal case, the CFTC sued New York in federal court in April to block the state from applying its gambling laws to CFTC-registered contract markets. Judge Jed Rakoff denied without prejudice the agency’s emergency request for a temporary restraining order, finding that the CFTC had not established a high likelihood of success on the merits or a likelihood of irreparable harm.

The latest CFTC order directs Kalshi to continue operating but does not end New York’s lawsuit or resolve the underlying jurisdictional dispute. It is not a judicial ruling on whether federal law preempts state gambling enforcement. 

The dispute extends beyond New York. The CFTC said it has sued eight other states, along with New York, to defend its congressionally granted jurisdiction.

Magazine: The 100x obsession: Fundamentals grow in importance as crypto matures

Goliath Ventures Faces SEC, CFTC Suits Over $400M Ponzi

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Goliath Ventures Faces SEC, CFTC Suits Over $400M Ponzi

The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) filed separate civil lawsuits on Tuesday against Goliath Ventures and founder Christopher Delgado over an alleged crypto Ponzi scheme that raised about $400 million. 

The SEC said Goliath raised at least $425 million from more than 1,300 investors through an unregistered securities offering. Investors were told their money would be placed in crypto liquidity pools, but the agency alleged none of the funds or crypto assets were invested in the pools and Delgado diverted at least $51 million for personal use. 

In a separate action, the CFTC said about 1,600 customers contributed at least $397 million after Goliath solicited funds for crypto trading in Bitcoin and Ether.

Delgado has agreed to settle the SEC’s civil case, while the CFTC is separately seeking restitution, penalties and market bans.

Delgado previously pleaded guilty on June 30 to conspiracy to commit wire fraud, wire fraud and money laundering. The US Department of Justice said at the time that at least $400 million was paid to Goliath and that Delgado admitted causing at least $250 million in investor losses. He also agreed to forfeit properties, vehicles, luxury goods, bank accounts and crypto accounts traceable to the scheme. 

Delgado agrees to settle SEC case 

According to the SEC, Goliath promised monthly returns of 3% to 10%, generated from fees paid by traders using its liquidity pools, while guaranteeing investors’ principal. The complaint alleges the company instead used funds and crypto assets from new and existing investors to pay earlier investors and fabricated account balances and performance metrics. 

The SEC said Goliath paid commissions to sales agents who recruited investors. By November 2025, the company could no longer raise money quickly enough to meet obligations, stopped making monthly distributions and collapsed, according to the agency. 

Related: ‘I failed them’: Goliath Ventures CEO charged with crypto Ponzi apologizes

Delgado agreed to a bifurcated settlement, subject to court approval, that would permanently bar him from violating the securities-law provisions cited in the complaint. He would also be barred from participating in securities transactions except for certain transactions in his personal accounts and from acting as or associating with a broker or dealer.

The court will determine the amount of disgorgement, prejudgment interest and a civil penalty. 

Magazine: Japanese pension fund tips 1% in crypto, G7 urges action on NK hackers: Asia Express

If crypto goes back to the congressional drawing board, 3 Democrat women loom large

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If crypto goes back to the congressional drawing board, 3 Democrat women loom large

“I voted against the GENIUS and Clarity acts because they fail to adequately address abuse and instead open the door to corruption,” she said last year. “At a time when the current occupant of the Oval Office is personally benefiting from crypto and memecoin ventures, these bills do nothing to close conflict-of-interest loopholes.”

But if Waters and Brown are running the crypto show in the House, the White House will still have its same occupant. Even if the Democrats win a stronger majority than the narrow GOP advantage of the past two years, the next session could become a mess of go-nowhere, message-sending bills. If the party won the Senate majority, too, that wouldn’t help assure Democrats an ability to get legislation converted to law.

On the Senate side, Senator Warren has been among the crypto industry’s most prominent Capitol Hill detractors, trying to keep a steady spotlight on what she’s portrayed as the president’s crypto corruption. However, under her time as the ranking Democrat on the Senate Banking Committee, she watched her fellow Democrats go against her on crypto matters, gathering for negotiations on the legislation she opposed.

She may have more sway were she to lead the committee and control the advancement of her members’ bills. If she were to follow in the footsteps of the most recent Democrat who ran the banking panel, former Senator Sherrod Brown, she could go for years without allowing a crypto measure through the gate. (Brown, who was defeated by Republican crypto advocate Senator Bernie Moreno two years ago with the help of a massive $40 million crypto PAC boost, is also running again for the other Ohio Senate seat.)

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