Coinbase legal chief Paul Grewal says the company removed New York’s prediction markets lawsuit to federal court, setting up a sharper fight over CFTC authority and state gambling laws. Coinbase’s chief legal officer, Paul Grewal, said Wednesday that the company had removed New York Attorney General Letitia James’ prediction markets lawsuit from state court to federal court, arguing that the case turns on disputed questions of federal law over how event contracts are regulated. The move escalates a legal fight that could help define whether prediction markets fall under federal commodities regulation and the scope of the US Commodities and Futures Trading Commission’s (CFTC) or state gambling laws, with broader implications for the oversight of platforms like Coinbase and Gemini. “We have removed this action to federal court,” wrote Grewal in a Wednesday X post, adding that New York’s claims raise “disputed and substantial questions of federal law” and are subject to “complete preemption.” Read more
Bitcoin price metrics saw a broad recovery in April, but analysis warns that the 2022 bear-market breakdown could still repeat. Bitcoin (BTC) price metrics are showing relief this month, but the risk of repeating the 2022 bear market remains. Key points: Bitcoin’s Bull Score Index combined price metric reaches its highest levels since October last year. Read more
Volo Protocol has confirmed a $3.5 million exploit affecting select vaults, adding that it has frozen assets and started fund recovery efforts amid ongoing investigation. Decentralized finance (DeFi) protocol Volo has disclosed a security breach that resulted in the loss of approximately $3.5 million in digital assets, marking the latest incident in a series of exploits targeting DeFi platforms. In a Wednesday post on X, the team said the attack affected select vaults and involved assets including Wrapped Bitcoin (WBTC), Matrixdock Gold XAUm and USDC (USDC). “We detected the attack, immediately notified the Sui Foundation and ecosystem partners to contain the damage, and froze the vaults to prevent any further exposure,” the team wrote. The protocol added that around $28 million in total value locked across other vaults is safe, with the exploit limited to three isolated vaults and no shared vulnerability identified. It also revealed plans to absorb the losses rather than pass them on to users, though details...
Uzbekistan has created a supervised crypto mining zone in Karakalpakstan, allowing foreign sales while requiring proceeds to flow through local bank accounts. Uzbekistan has created a special crypto mining zone across Karakalpakstan under a presidential resolution signed on Friday, opening a supervised framework that lets approved mining companies sell mined digital assets on foreign platforms while keeping the proceeds inside the country’s banking system. A presidential decree effective Monday creates the “Besqala Mining Valley,” a special mining zone across the Republic of Karakalpakstan, where registered legal entities can carry out crypto mining, use a mix of power sources and apply for resident status through a new directorate under the republic’s Council of Ministers. The framework gives miners in the zone the right to sell crypto assets obtained through mining on national crypto exchanges or foreign platforms, including through direct contracts, and to exchange them for other liquid crypto assets. Stil...
Stratiphy is reopening a tax-free route to crypto ETNs in the UK after HMRC’s ISA rule change left retail investors with little practical access. UK fintech platform Stratiphy launched a new offering with a practical, tax-free route back into crypto exchange-traded notes (ETNs) for UK investors after a series of regulatory shifts effectively shut them out. In October 2025, the Financial Conduct Authority lifted its four-year ban on retail access to crypto ETNs tied to assets like Bitcoin (BTC) and Ether (ETH). These products could initially be held in standard stocks-and-shares Individual Savings Accounts (ISAs), offering tax-free exposure. However, that changed at the start of the new tax year, when HM Revenue & Customs ruled that new purchases of crypto ETNs would no longer qualify for those ISAs. Instead, eligibility was limited to Innovative Finance (IF) ISAs, a niche wrapper typically used for peer-to-peer lending, and no platform offered both, resulting in a dead end for investors seeking access. Read m...