The CFTC and Gemini jointly asked a judge to undo a January 2025 settlement over statements about Gemini’s bitcoin futures business. They said the agency’s case relied on an unreliable whistleblower account and inappropriate tactics; it remains unclear whether Gemini would recover the $5 million it paid.
The request could affect the penalty and injunction imposed on Gemini over its futures business.
| Date | Company | Amount | Story | Appeal status |
|---|---|---|---|---|
| Kalshi | Not stated | Nevada court orders Kalshi to block state residents by 4 May | Not stated | |
| Kalshi | Not stated | Washington sues Kalshi over alleged illegal gambling | Not stated |
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Connecticut's Department of Consumer Protection issued cease-and-desist orders to nine prediction market platforms over sports event contracts offered to residents. The platforms include Polymarket, Coinbase, Crypto.com, Robinhood, ProphetX, Novig, Webull, Gemini and Underdog Predict.
Connecticut's Department of Consumer Protection issued cease-and-desist orders to nine prediction-market operators this week. The orders require platforms to halt sports event contracts and other alleged unlicensed online gambling and permit customer withdrawals. Investigators also issued nearly 30 subpoenas; recipients are not necessarily under investigation.
Blockchain.com announced it has applied to the CFTC for Futures Commission Merchant and Designated Contract Market licences in the US. The company said the applications are a step towards bringing prediction markets and regulated trading to US users; it manages perpetual futures and event contracts for international clients. Separately, an IPO valued at $4 billion to $6 billion, with a reported $500 million raise, is reportedly in preparation.
Blockchain.com has filed applications with the Commodity Futures Trading Commission (CFTC) for Futures Commission Merchant (FCM) and Designated Contract Market (DCM) licences, the company announced. The Dallas-based company said the filings are intended to support offering prediction markets and regulated trading to users in the United States. The applications are pending before the regulator.
Underdog filed a federal lawsuit challenging Connecticut’s application of state gambling rules to its sports event contracts, seeking an injunction against the Department of Consumer Protection and Attorney General William Tong. The filing follows a state order telling nine platforms to stop offering and advertising the contracts while allowing users to withdraw available funds; Connecticut says the products require state licences.
Underdog filed a federal lawsuit against Connecticut officials after the state Department of Consumer Protection ordered it and eight other companies to stop offering or advertising sports-event contracts and let users withdraw existing funds. The company asked the court to block state enforcement, arguing that federal law gives the Commodity Futures Trading Commission authority over its event contracts; Connecticut officials say the contracts breach state gaming rules.