Kalshi must implement initial geofencing by Aug. 19 and a GeoComply multi-source geofencing system by Sept. 2. A Washington state judge has ordered prediction market platform Kalshi to stop offering a broad range of event contracts in the state, rejecting its argument that federal commodities law preempts Washington gambling law. King County Superior Court Judge John McHale barred Kalshi from offering contracts tied to sports, elections, politics, entertainment, culture, tech and science, and “mentions.” Contracts involving commodities, climate, economics and finance are exempt. “We’re holding Kalshi accountable for running an illegal gambling operation,” Washington Attorney General Nick Brown said Thursday on X, citing a recent court ruling. Read more
Galaxy cited unresolved ethics, stablecoin yield and developer protection issues, along with a narrow Senate window when lawmakers return in September. Galaxy Digital has lowered its estimate of the Digital Asset Market Clarity (CLARITY) Act’s chances of passing in 2026 to 10%. It warned that multiple political issues remain unresolved and the Senate will have only about two to three weeks to pass it when it reconvenes on Sept. 14. Unless an initial motion to proceed vote occurs immediately upon lawmakers’ return to Washington, there would be enough time for the CLARITY Act to pass the Senate only if it “dominates basically the entire working session,” wrote Galaxy’s head of firmwide research, Alex Thorn, in a Friday X post. Read more
Binance data showed Gen Z allocating a growing share of equity activity to ETFs while trading less frequently and using less leverage than older working-age cohorts. Gen Z traders on Binance are allocating a growing share of their equity activity to exchange-traded funds (ETFs), with the products accounting for 25% of the cohort’s trading volume in early August, according to Binance Research. ETFs accounted for 21.9% of Gen Z net equity inflows in July, up from 18.5% in June, while the share going to individual stocks fell to 74.2% from 77%. The analysis examined activity across direct equities, tokenized stocks and traditional finance perpetuals, comparing Gen Z accounts with Millennials, Gen X and Baby Boomers on measures including trading frequency, net flows and leverage use. Read more