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It's A Gambling Platform "Plain And Simple"; New York Sues Kalshi

Zero Rss
2 weeks 3 days ago
It's A Gambling Platform "Plain And Simple"; New York Sues Kalshi

Authored by Olivier Acuna via CoinDesk.com,

New York sued prediction-market Kalshi, alleging it offers sports and event wagers in the state without a gaming license.

The petition, filed in the New York Supreme Court on Friday, asks a judge to bar the company from operating an unlicensed gambling business and seeks an accounting of customer bets, losses and company gains, plus restitution, damages and civil penalties.

The state is seeking a penalty equal to three times Kalshi’s gains from the activity, plus $100,000 for each unauthorized or attempted offer of sports or mobile sports wagering, according to a statement published by Governor Kathy Hochul and Attorney General Letitia James.

“New York’s gambling ⁠laws protect children from underage betting and help combat gambling addiction,” James said in the statement.

"No matter what they call themselves, prediction markets like ​Kalshi are gambling platforms, plain and simple."

Kalshi, which targeted a $40 billion valuation during a June funding round, and the prediction markets sector are facing legal challenges across the U.S. In Minnesota, Kalshi and rival Polymarket scored a temporary win when the U.S. District Court for the District of Minnesota ruled the state’s law banning prediction markets likely runs afoul of the Commodity Exchange Act, and granted a preliminary injunction against the law to the two companies and the Commodity Futures Trading Commission.

“It's sad to see this type of political theater from the leadership in our own state,” Elisabeth Diana, Kalshi’s head of communications, said in an email to CoinDesk.

“States can’t just shut down a federally licensed exchange. This would also hurt New Yorkers, who would be driven offshore. We love New York, we love New Yorkers, and New Yorkers love our product."

James’ office described Kalshi’s event contracts as bets and said the platform takes wagers on professional and college sports, elections and culture.

The lawsuit alleges Kalshi allows users aged 18 to 20 to wager and lists markets involving New York college teams, both prohibited for licensed sportsbooks in the state.

The World Cup helped boost Kalshi's numbers, adding 3 million during the course of the tournament, according to CNBC. That's more than double the 2 million the firm said it had at the start of May.

According to the attorney general’s statement, the lawsuit follows an October cease-and-desist order from the New York State Gaming Commission.

A federal judge denied Kalshi’s bid to block state regulators on July 7 and rejected an injunction pending appeal on July 27.

Tyler Durden Fri, 07/31/2026 - 11:05
Tyler Durden

US Senators Sent Revised Ethics Rules To White House For CLARITY Act: Report

Zero Rss
2 weeks 3 days ago
US Senators Sent Revised Ethics Rules To White House For CLARITY Act: Report

Authored by Turner Wright via CoinTelegraph.com,

Two US senators on opposite sides of the political aisle have reportedly sent revised ethics guidelines to the White House as part of discussions over a cryptocurrency market structure bill in Congress.

According to a Thursday PunchBowl report, Senator Thom Tillis and Senator Ruben Gallego submitted a counteroffer to the Trump administration that included a change to ethics provisions in the Digital Asset Market Clarity (CLARITY) Act.

The changes would reportedly address concerns from many lawmakers in the first draft by allowing state authorities to enforce a ban on federal officials issuing or sponsoring tokens rather than the US Attorney General.

Gallego, a Democrat, previously said that provisions around ethics, consumer protection, illicit finance, conflicts of interest and market integrity “must be strengthened” and he would continue to work with Republicans to get the bill “over the finish line.”

Cointelegraph reached out to Gallego’s and Tillis’ teams for clarification on the proposed changes but did not receive an immediate response.

The proposed revisions to the crypto bill could bring in support from Senate Democrats, many of whom have publicly said they will not vote for the CLARITY Act “if it protects [US President Donald] Trump’s dominance over an industry that he will have more control to regulate.”

Republicans currently have an effective 52-47 majority in the Senate with Senator Mitch McConnell absent due to medical reasons, and will need support from Democrats to meet the 60-vote threshold for the bill to pass.

Tyler Durden Fri, 07/31/2026 - 10:35
Tyler Durden

Entire Russian City Enveloped In Smoke & Darkness After Major Refinery Attacked

Zero Rss
2 weeks 3 days ago
Entire Russian City Enveloped In Smoke & Darkness After Major Refinery Attacked

The major Russian industrial city of Volgograd, in the country's southwest, is being engulfed in smoke and darkness on Friday after a wave of Ukrainian drone attacks scored several hits on key sites.

A sprawling energy facility, as well as warehouse belonging to the online retailer Wildberries, went up in flames, resulting in several injuries. During the attack a residential area was also struck, resulting in the death of a woman in her destroyed home.

Sky darkens over smoke-engulfed city of Volgograd on Friday

Wildberries has since confirmed that a large fire broke out at a logistics hub in Volgograd while reporting no casualties at the site. The attack comes on the heels of more than a dozen Wildberries having been hit by long-range drones over the past couple weeks.

After some 13 warehouses have been hit, reports have estimated that about 10 percent of the company's storage capacity has vanished. The latest attack brings the total to 14.

A statement by the online retailer giant sought to assure customers, "Logistics chains have been reorganized, and the receipt of deliveries and dispatch of orders are being carried out at other facilities."

The Amsterdam-based Moscow Times also notes that "NASA's fire monitoring system FIRMS showed several large active fires at the site of a major Lukoil-operated oil refinery just south of the city of Volgograd. Lukoil has not commented on the reported attack on its facility."

This was further confirmed in Bloomberg:

Ukraine struck one of Russia's largest oil refineries, threatening to disrupt fuel supplies again as strikes on the country’s downstream industry resumed.

Ukraine’s Security Service said on Telegram that it targeted facilities at Lukoil PJSC’s refinery in the Volgograd region, without indicating the extent of the damage. The attack resulted in a fire at the facility, Ukraine’s General Staff said in a separate message.

A large fire has reportedly engulfed parts of the complex, after which the General Staff of the Armed Forces of Ukraine boasted of the attack Facebook.

The General Staff described that "Lukoil-Volgogradneftepererabotka is one of the largest oil refineries in the Russian Federation. Its refining capacity is approximately 15 million metric tons of crude oil per year. The facility produces automotive gasoline, diesel fuel, and jet fuel. It is involved in supplying the needs of the Russian army."

Ukrainian drones struck another Wildberries logistics hub overnight, hitting a 44,000 m² complex in Volgograd's Dzerzhinsky district, around 500 km from the front. The strike brings the reported total to 14 Wildberries logistics centers hit over the past two weeks. #Ukraine pic.twitter.com/PMRrTMniNp

— NOELREPORTS 🇪🇺 🇺🇦 (@NOELreports) July 31, 2026

More broadly, several Russian regions faced another night of large drone waves, with the country's defense ministry later saying that over 370 drones were intercepted overnight. Russia has also carried on with nightly ballistic missile and drone attacks on Ukraine, with attacks this week focusing as far west as Lviv, and near the border with Poland.

Tyler Durden Fri, 07/31/2026 - 10:20
Tyler Durden

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