Coinbase sued regulators in Connecticut, Illinois and Michigan, arguing CFTC-regulated prediction markets should fall under federal commodities law, not state gambling rules. Coinbase is taking three US states to court in a bid to lock in federal protection for its planned prediction markets, opening a new front in the battle over whether event contracts are finance or gambling. The exchange has sued regulators in Connecticut, Illinois, and Michigan, asking federal judges to declare that prediction markets listed on a US Commodity Futures Trading Commission (CFTC)-regulated platform fall under the Commodity Exchange Act (CEA) and the CFTC’s claimed exclusive jurisdiction, not 50 separate state gambling codes. In a Friday X post, chief legal officer Paul Grewal said Coinbase filed the cases “to confirm what is clear: prediction markets fall squarely under the jurisdiction of the @CFTC, not any individual state gaming regulator (let alone 50).” Read more
Bitcoin headed higher despite the Bank of Japan's interest-rate hike while reactions saw bullish risk-asset signals and no further policy tightening. Bitcoin (BTC) aimed for $88,000 on Friday after Japan’s central bank raised interest rates to 30-year highs. Key points: Bitcoin joins US stocks futures heading higher in a curiously bullish reaction to Japan’s interest-rate hike. Read more
Danger man Travis Head crunched his fourth century in as many Tests at Adelaide Oval Friday as Australia built a 356-run lead over England to stand on the brink of retaining the Ashes. The hosts were 271-4 at stumps on day three of the third Test with Head on 142 and first-innings century-maker Alex Carey not out 52, taking the five-match series out of England’s reach. England must win after crashing inside two days at the first Test in Perth and inside four in Brisbane, both by eight wickets. But it appears to be an impossible task with the highest run chase at the ground 316 by Australia against England in 1902. Head’s crucial ton, his 11th, came off a composed 146 balls although he almost didn’t get there, dropped on 99 by Harry Brook as impatience got the better of him. He has now scored a century in four consecutive Tests on his home ground, following 140 against India last year and 119 and 175 against the West Indies. Australia suffered an early setback in a tense 20 minutes before lunch after England w...