CFA Report Pegs US Crypto Fraud Losses at $80.7B

Prediction market Kalshi has filed a federal lawsuit against a Minnesota bill criminalizing prediction market operations, citing violation of the U.S. Constitution and challenging provisions on marketing and advertising. The platform has also won preliminary injunctions in New Jersey and Arizona against enforcement attempts.

Paxos Securities Settlement Company, a subsidiary of Paxos, has become the "first blockchain-native firm" to receive SEC registration as a clearing agency under Section 17A of the Securities Exchange Act. This temporary registration allows Paxos to offer complete infrastructure for clearing and settlement services in the U.S.

Strategy's perpetual preferred security, Stretch (STRC), experienced a drop to $97.11 as bitcoin fell to $73,000. STRC faces selling pressure during Bitcoin downturns and after ex-dividend dates, affecting its market price.

A new crypto-theft campaign, TrapDoor, targets developers with wallet keys, cloud credentials, and production access. The attack spreads across npm, PyPI, and Crates.io, disguising as developer tools to steal sensitive data.

The European Commission is considering taxing the gambling industry and other sectors to generate up to EUR 13.3 billion over seven years, part of the bloc's budget. This move follows a similar action taken in the United Kingdom last November, potentially impacting US tech firms.

OKX Ventures and Korea Investment & Securities will collectively invest KRW 160 billion ($106 million) for a 39.2% stake in South Korean exchange Coinone. The deal involves secondary share purchases and subscriptions for new shares, pending regulatory approval.

The Sui network faced a major outage due to a network stall, causing over five hours of downtime and counting. Engineers are working on a solution, with a fix being rolled out to validators.

FalconX has confidentially filed a draft S-1 registration statement with the SEC, taking the initial step towards a potential public listing. The California-based brokerage firm, serving institutional clients, is working with Cantor and other bankers for its IPO, expected by year-end.

Tether's USAT token saw a 540% growth in circulating supply and reserve assets in April, reaching $140.8 million and $141.2 million respectively. The CEO attributes this growth to increased institutional use and a positive policy environment.

Sequans Communications, a French semiconductor company, is winding down its Bitcoin treasury experiment after redeeming its convertible debt by selling BTC. The company once aimed to accumulate over 3,000 BTC as a "long-term reserve," but now plans to monetize its remaining 658 BTC.