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The Commodity Futures Trading Commission approved Calcix LLC to list a Bitcoin perpetual contract referencing spot price.
Prediction market platform Calci filed a federal lawsuit against Minnesota, arguing a new state law criminalizing prediction markets violates the Constitution's Supremacy Clause, as the CFTC holds exclusive jurisdiction.
The US Justice Department charged Google software engineer Michael Spagnuolo with using internal data to place $2.7 million in bets on Polymarket, allegedly profiting $1.2 million. The CFTC filed a parallel complaint.
The CFTC and Gemini jointly filed to reverse a $5 million settlement from January 2025. The CFTC admitted its original complaint was based on a non-credible whistleblower, calling Gemini a fraud victim and citing improper personnel influence.
Bennett speculates the CFTC's reversal may be linked to Gemini's pivot into prediction markets, a sector the CFTC is aggressively pursuing to regulate over state gaming authorities.
Former President Trump endorsed exclusive CFTC authority over prediction markets, calling state officials 'scum' and arguing the sector should thrive under federal rules to keep crypto activity in the US.
The Trump administration's DOJ sued Minnesota, arguing the state ban unlawfully criminalizes derivatives contracts and constitutes a federal overreach into the CFTC's exclusive regulatory sphere.
The CFTC is also suing Republican-led states like Arizona, Connecticut, Illinois, New York, and Wisconsin over their prediction market bans, framing them as illegal incursions into federal derivatives regulation.
Saager claims the Trump administration supports prediction markets because Trump and his allies financially benefit; he cites a NYT piece linking CFTC approvals to Trump-linked entities like Gemini and 1789 Capital.