The most successful cryptocurrency traders are still chasing quick profits in memecoins, despite signs that the broader “supercycle” for the speculative assets may be winding down. The shift follows recent disappointment tied to memecoin launches associated with US President Donald Trump. The industry’s most successful cryptocurrency traders by returns — tracked as “smart money” traders on Nansen’s blockchain intelligence platform — continue hunting for quick memecoin returns. While growing stablecoin holdings show increased caution, smart money remains open to speculative plays, according to Nicolai Sondergaard, a research analyst at Nansen. “There was the recent meme surge and smart money is always happy to capitulate on that. But they’re also happy to rotate out of these quickly as well,” he said during Cointelegraph’s Chainreaction live show on X. “The recent meme frenzy was just a fun play they worked on, while the broader market is sorting out the direction because memecoins aren’t necessarily affected by the same macroeconomy as Bitcoin and Ethereum,” he added. Related: Bitcoin holds firm as stocks lose $5T in record Trump tariff sell-off The analyst’s insights came a week after a savvy trader turned an initial investment of just $2,000 into $43 million with the popular Pepe ( PEPE ) cryptocurrency, Cointelegraph reported on March 30. Savvy Pepe trader, transactions. Source: Lookonchain However, the trader didn’t manage to sell the top but still made a realized profit of over $10 million, despite Pepe’s over 70% decline from its all-time high. Related: Trump family memecoins may trigger increased SEC scrutiny on crypto Trump token launch may have ended memecoin “supercycle” The launch of the Official Trump (TRUMP) memecoin on Jan. 18 may have signaled the end of the memecoin “supercycle.” “Pump.fun has been synonymous with the “memecoin supercycle,” as it accounts for over 70% of tokens launched on Solana, according to a Binance research report shared with Cointelegraph. Pump.fun usage metrics. Source: Binance research report The memecoin launchpad’s weekly usage metrics peaked on the week of Trump’s inauguration and have since declined. Total active wallets on Pump.fun fell from 2.85 million on the week of Jan. 20 to just 1.44 million as of March 31. The decline is mainly attributed to a decay in investor sentiment, a Binance spokesperson told Cointelegraph, adding: “Market sentiment also appears to have shifted amid unverified reports of insider trading linked to subsequent high-profile tokens such as $MELANIA and $LIBRA.” “Broader macroeconomic uncertainty, including volatility driven by global tariff policies, may have further dampened speculative appetite for memecoins more generally,” the spokesperson said. TRUMP/USD, all-time chart. Source: CoinMarketCap Meanwhile, the TRUMP token is down more than 87% from its peak of $75.35, reached on Jan. 19. The token fell over 8% in the past week, CoinMarketCap data shows . Magazine: BTC’s ‘reasonable’ $180K target, NFTs plunge in 2024, and more: Hodler’s Digest Jan 12–18
The market is shifting in 2025, and savvy investors are running the numbers. XRP is riding momentum with some projecting a 50x return, but the real spotlight is now on MAGACOINFINANCE. With Bitcoin (BTC) and Solana (SOL) fueling bullish sentiment, MAGACOINFINANCE is now being discussed as the coin that could push past 100x—and early data supports the hype. PRE-SALE SELLING OUT – CLICK HERE TO SECURE A SPOT NOW Early Entry Window Closing Fast on MAGACOINFINANCE Unprecedented Growth Potential MAGACOINFINANCE has now raised over $4.8 million, with momentum accelerating daily. With only 100 billion tokens in total supply and whale-level attention mounting, MAGACOINFINANCE is setting up for a breakout once it hits exchanges. Exchange speculation is already driving new investors into the pre-sale. LIMITED TIME OFFER-GET 50% EXTRA BONUS WITH CODE MAGA50X Unlock 50% More Tokens and Multiply Your ROI Potential At the current price of $0.0002704, and a confirmed listing at $0.007, MAGACOINFINANCE offers an ROI of 2,488%—or roughly 25.88x.But with the MAGA50X promo code, buyers get 50% EXTRA TOKENS, effectively reducing their cost to $0.0001802. That brings ROI up to 3,784%, or an incredible 37.84x return potential. Early investors are seizing this rare chance before the next price tier activates. ADA, TON, SUI, and BCH: In the Mix, But Facing New Competition Cardano (ADA) – Trading at $0.61, maintaining its position in scalable smart contracts.Toncoin (TON) – Around $2.60, attracting users through Telegram ecosystem growth.Sui (SUI) – At $1.52, building a name in next-gen blockchain infrastructure.Bitcoin Cash (BCH) – Holding at $478, still considered a reliable transactional token. CLICK HERE TO JOIN THE NEXT BIG BILLION DOLLAR PROJECT Conclusion As the cryptocurrency market continues to evolve, both established and emerging digital assets present unique opportunities. While Bitcoin (BTC), Ripple (XRP), and Solana (SOL) pursue growth strategies, MAGACOINFINANCE distinguishes itself with its innovative approach and attractive pre-sale incentives. Investors are encouraged to conduct thorough research, stay informed about market trends, and consider diversifying their portfolios to navigate this dynamic landscape effectively. For more information on MAGACOINFINANCE and to participate in the pre-sale, visit: Website: magacoinfinance.com Twitter/X: https://x.com/magacoinfinance Continue Reading: Traders Project 50x for XRP—Could MAGACOINFINANCE Do 100x?
Germany is weighing the potential withdrawal of approximately 1,200 tons of gold, valued at over €113 billion ($124.41B), from the U.S. Federal Reserve in New York amid escalating trade tensions triggered by Trump’s tariffs on the European Union, according to recent reports and political statements. Trade Strains Prompt Germany to Reevaluate 1,200-Ton Gold Stash in
Dogecoin (DOGE), a widely recognized meme cryptocurrency, has evolved into a staple in the top
Last month, the U.S. Treasury Department's Office of Foreign Asset Control delisted Tornado Cash from its sanctions list, months after an appeals court ruled that the watchdog could not designate the mixer's smart contracts. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. Fair winds The narrative In November 2024, a Fifth Circuit Court of Appeals panel ruled that the Treasury Department's Office of Foreign Assets Control (OFAC) couldn't sanction smart contracts tied to crypto mixer Tornado Cash. Last month, OFAC delisted Tornado Cash entirely, though it left developer Roman Semenov on its Specially Designated Nationals list. Why it matters Whether Tornado Cash could be sanctioned to begin with has been a point of contention for the crypto industry. The Fifth Circuit ruling sparked a rally in the TORN token's price and raised hopes that it would be more difficult for the U.S. government to block legal uses of mixers. Breaking it down Tornado Cash's delisting included smart contract addresses and other components of the overall mixer, and followed November's ruling . The delisting may have been an effort to preempt a court ruling that would force OFAC to permanently delist Tornado Cash. Backing up a little: A group of developers sued OFAC after Tornado Cash was first sanctioned with backing from crypto exchange Coinbase. That case, Van Loon v. Treasury , received an initial ruling from a district court judge that was favorable to the Treasury Department. On appeal, however, the Fifth Circuit ruled — somewhat narrowly — that smart contracts were outside the scope of OFAC's jurisdiction. The appeals court panel threw the case back down to the district court to sort out next steps. On March 21, the same day it removed Tornado Cash from its sanctions list, OFAC filed a notice telling the court that the removal meant the legal case remedies cot "the matter is now moot." Peter Van Valkenburgh, the executive director at Coin Center, said the November decision left OFAC with few options. "They could have waited for the court to invalidate the sanctions or they could have delisted them themselves, and they delisted themselves," he said. "You can read that two ways. You can read that as 'I want to try and preserve some ability to fight in the future or [make] some other listing,' [and] that's really tough because that Fifth Circuit opinion is really bad for them." The other read for the delisting is OFAC just wanted the matter resolved quickly, he said. Leah Moushey, an attorney with Miller & Chevalier, said the court may choose to reject OFAC's filing because there's an open question as to whether Tornado Cash can be redesignated in the future. She pointed to a Supreme Court case with thematic similarities. The court said in that case, FBI v. Fikre , that the U.S. government had not sufficiently proven that just removing an individual from a no-fly list meant he would never be placed back on the list. OFAC may have to show in this case that Tornado Cash can't be designated again. Another open question for Tornado Cash is whether the delisting has any bearing on the U.S. Department of Justice's criminal case against developer Roman Storm. After the Fifth Circuit ruling, Storm's attorneys filed a motion asking the judge overseeing the criminal case to dismiss the indictment, but the judge has already ruled that the case should move forward. "The judge determined that the scope of the conduct went beyond the interactions with the smart contract," Moushey said. The Fifth Circuit ruling did not discuss Tornado Cash as an entity. Van Valkenburgh noted that OFAC left its sanctions against Semenov in place, and the DOJ will continue to try and argue Storm conspired to violate sanctions. The Storm case is currently set for trial in July. Stories you may have missed Illinois to Drop Staking Lawsuit Against Coinbase : Illinois has become the latest state to announce it would drop its lawsuit against Coinbase, joining Kentucky, Vermont and South Carolina. New Jersey and Washington regulators say their investigations remain open. Tron's Justin Sun Bailed Out TUSD as Stablecoin's $456M Reserves Were Stuck in Limbo, Filings Show : Justin Sun loaned Techteryx nearly $500 million after the company lost access to its reserves' liquidity through what Sun and Techteryx allege are mismanagement by First Digital Trust, the Hong Kong-based fiduciary managing the TrueUSD reserves, legal documents claim. First Digital to 'Pursue Legal Action' Over Justin Sun Allegations as FDUSD Drops : First Digital threatened a lawsuit against Justin Sun, saying his allegations that it was "effectively insolvent" was a "smear campaign." U.S. SEC Staff Clarifies That Some Crypto Stablecoins Aren't Securities : The SEC's latest staff statement addresses stablecoins, with the usual caveats about it being a staff statement and not commissioner guidance. Stablecoin Giant Circle Files for IPO After $1.7B Stablecoin Reserve Windfall : Stablecoin issuer Circle filed to go public. Circle’s IPO Filing Tests Crypto Market Confidence After Trump’s Tariff Shock : A number of companies looked set to go public before the entire stock market tanked this week. Circle was on that list. This week Wednesday 14:00 UTC (10:00 a.m. ET) The House Financial Services Committee held a markup on the STABLE Act, Financial Technology Protection Act and the CBDC Anti-Surveillance State Act, ultimately passing all three bills — after a daylong session addressing some 40 different proposed amendments. Thursday 14:00 UTC (10:00 a.m. ET) The Senate Banking Committee voted to advance the nominations of Securities and Exchange Commission Chair Paul Atkins and Comptroller Jonathan Gould. Elsewhere: ( 404 Media ) T-Mobile offers a GPS tracker for parents to keep tabs on their children. Last week, 404 Media reports, some parents found they were unable to track their own kids but did receive the location data for other kids. ( The New York Times ) The Times reported on a Ponzi scheme that used crypto promises to sucker a large number of people in an Argentinian town. These kinds of scams are very common. ( The Atlantic ) The Trump administration said in a court filing it had sent an individual with protected legal status to an El Salvador prison camp without holding a hearing through an "administrative error." A federal judge ordered the administration to bring him back to the U.S. on Friday. White House Press Secretary Karoline Leavitt responded with a statement saying "we are unaware of the judge having jurisdiction or authority over the country of El Salvador." ( The Wall Street Journal ) New Jersey Democrat Cory Booker broke the U.S. Senate record for longest floor speech after giving a marathon 25-hour address in protest of President Donald Trump's policies. ( The New York Times ) Donald Trump unveiled a whole set of tariffs on countries around the world, saying they were reciprocal against tariffs imposed by the U.S.'s trading partners. "The markets are going to boom," Trump said in remarks. ( Yahoo! Finance ) The markets "cratered on Friday," following an equally rough Thursday. ( Wired ) Among the countries and places tariffed by the U.S. is the Heard and McDonald Islands, which is uninhabited by humans and does not export goods. ( ABC News ) The White House said its tariff rate against individual countries was half of those countries' tariff rates against the U.S. Economists say the actual calculations were done by dividing a country's trade deficit by its import value, then divided in half, ABC News reported. ( Reuters ) The other effect of the renewed tariffs appears to be rising recession odds, according to a J.P. Morgan note shared by Reuters. If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social . You can also join the group conversation on Telegram . See ya’ll next week!
Cryptocurrency exchange giant Binance has captured significant investor attention with its latest announcement on the Bitcoin staking protocol, Babylon (BABY). On Saturday, April 5, the exchange revealed in an official announcement that users remain poised to partake in BABYUSDT perpetual contract trading shortly ahead. Mentioned below are some vital details market participants should know as they look to capitalize on such emerging market opportunities. Binance Announces Futures Listing For Babylon An official release by the crypto exchange revealed that its ‘Futures’ division is adding a BABYUSDT perpetual contract to its stockpile of offerings. Starting today at 13:30 UTC, the platform’s colossal user base can avail of this trade offering with up to 5x leverage. Moving on to other details, the capped funding rate for this project was at +2.00% / -2.00%. Babylon is a Bitcoin staking protocol that permits users to stake their BTC in exchange for earning rewards. Why Did Binance Add BABYUSDT? According to the CEX’s announcement, this decision comes primarily to expand the list of trading choices offered to users on the platform. The crypto exchange titan continues to cement its global ranking by tapping into emerging markets across the globe. What’s More? Binance added that it will apply the ‘Mark Price’ methodology for the asset’s pre-market futures trading period. Notably, the BABYUSDT perpetual contract is a pre-market futures contract where the price is calculated strategically. Traders can move on to the official announcement to know more about ‘Mark Price.’ “Pre-market perpetual futures contracts will be converted to standard perpetual futures contracts when a stable index price can be derived from the spot market,” the top exchange clarified. Further, the pre-market trading end will be announced separately to avoid user misunderstanding. Altogether, the enhanced market support for the Bitcoin staking protocol has captured noteworthy attention towards the project as one of the top crypto exchanges supports it. Recent Listings On Binance Gain Traction Simultaneously, it’s worth pointing out some other recent listings on the leading crypto exchange. CoinGape recently reported that the exchange listed Broccoli , TUT, and other 4 crypto and offered support to their market dynamics. On the other hand, the CEX again sidelined the Pi Network listing despite the crypto’s burgeoning popularity. Crypto market watchers extensively eye the exchange’s trade offering updates in order to capitalize on emerging market opportunities. Some other new and upcoming listings on Binance include Hyperliquid, Mantle, and Kaspa, among many others. The post Binance Unveils Major Backing For Bitcoin Staking Protocol Babylon, Here’s All appeared first on CoinGape .
Cryptocurrencies, including certain altcoins, outperformed global stocks this week as the fear and greed index dropped to its lowest level in years. Bitcoin ( BTC ) is holding firm while the stock market melts down, with several altcoins soaring as global markets reel from President Trump’s newly announced tariffs on Chinese imports. The world’s leading cryptocurrency has officially outperformed the tech-heavy Nasdaq 100 on a year-to-date basis, despite staying relatively flat this week. Meanwhile, U.S. equities took a historic tumble. The Dow Jones Industrial Average lost a staggering 2,200 points on Friday alone, following a 1,200-point drop the day prior—wiping out $5.4 trillion in value across American stocks in just two days. Since February, the Dow has dropped from $45,000 to $38,200, while the Nasdaq 100 has fallen from $22,220 to $13,400, and the S&P 500 slipped from $6,145 to $5,000. This turmoil followed Trump’s imposition of a sweeping 34% tariff on all Chinese imports, a move that triggered immediate retaliation from Beijing. The fear and greed index—a widely watched sentiment gauge—plunged to 6, its lowest reading in years, as investors scrambled for safety. Oddly enough, that safe haven may have included crypto. Altcoins outpaced both Bitcoin and traditional assets. Fear and greed index chart | Source: CNN Money You might also like: Forget Bitcoin, analysts say this tiny AI memecoin could 1000x by year-end EOS, Pendle, Fartcoin, ATOM rose as stocks sunk EOS ( EOS ) led the rally, jumping 41% after rebranding to Vaulta and announcing a pivot toward blockchain banking and asset tokenization. As part of its rebrand , the project also launched VirgoPay in partnership with VirgoCX Global, enabling cross-border payments via stablecoins. EOS, Pendle, Fartcoin, Cosmos were the top weekly gainers | Source: CoinMarketCap Other standout performers included Pendle ( PENDLE ), which surged 22% as yield-hungry investors flocked to its DeFi platform offering annual returns upwards of 7.5% on synthetic stable assets. The other top-performing altcoins during the week were Fartcoin ( FARTCOIN ) and Cosmos ( ATOM ), which jumped by 15% and 9.5%, respectively. Zcash, OKB, and Raydium were other top movers. Still, it is too early to conclude whether Bitcoin and these altcoins can be considered safe-haven assets. After all, cryptocurrencies are highly speculative. Also, while some altcoins did well throughout the week, many others tumbled. Berachain ( BERA ) crashed by 27%, while Pi Network ( PI ), Immutable X, and Movement ( MOVE ) tumbled by over 15%. Read more: Chart of the week: ATOM gears for double-digit gains with staking support
Today in crypto, Bitcoin creator Satoshi Nakamoto turns 50 as their creation becomes a US reserve asset, and a US Securities and Exchange Commission (SEC) commissioner and known crypto critic pushed back against the agency’s new stablecoin statement after it issued new guidelines. Satoshi Nakamoto turns 50 as Bitcoin becomes US reserve asset Satoshi Nakamoto, the pseudonymous creator of Bitcoin, marks their 50th birthday amid a year of rising institutional and geopolitical adoption of the world’s first cryptocurrency. The identity of Nakamoto remains one of the biggest mysteries in crypto, with speculation ranging from cryptographers like Adam Back and Nick Szabo to broader theories involving government intelligence agencies. While Nakamoto’s identity remains anonymous, the Bitcoin ( BTC ) creator is believed to have turned 50 on April 5 based on details shared in the past. According to archived data from his P2P Foundation profile, Nakamoto once claimed to be a 37-year-old man living in Japan and listed his birthdate as April 5, 1975. Source: Web.archive.org Nakamoto’s anonymity has played a vital role in maintaining the decentralized nature of the Bitcoin network, which has no central authority or leadership. The Bitcoin wallet associated with Nakamoto, which holds over 1 million BTC, has laid dormant for more than 16 years despite BTC rising from $0 to an all-time high above $109,000 in January. SEC paints ‘a distorted picture’ of USD-stablecoin market — Crenshaw US Securities and Exchange Commission (SEC) Commissioner and vocal crypto critic Caroline Crenshaw has accused the US regulator of downplaying risks and misrepresenting the US stablecoin market in its newly published guidelines. However, many in the crypto industry see the SEC’s decision as a step in the right direction. In an April 4 statement, Crenshaw, who is widely known for opposing the spot Bitcoin ETFs, said that the SEC's statement on stablecoins contained "legal and factual errors that paint a distorted picture of the USD-stablecoin market that drastically understates its risks." Under the new SEC guidelines, stablecoins that meet certain criteria are now considered "non-securities" and are exempt from transaction reporting requirements. Crenshaw disputed the accuracy of the analysis made by the SEC in arriving at that decision. She pushed back on the SEC for reiterating issuer actions "that supposedly stabilize price, ensure redeemability, and otherwise reduce risk." SEC lays out guidelines for stablecoins, excludes algorithmic tokens The United States Securities and Exchange Commission (SEC) released a statement on April 4 establishing guidelines for stablecoins . In an April 4 statement, the agency minted a new term, "covered stablecoins," classifying them as non-securities and exempting such tokens’ transactions from reporting requirements. According to the SEC's definition , a "covered stablecoin" is fully backed by physical fiat reserves or short-term, low-risk, highly liquid instruments and is fully redeemable at a 1:1 ratio with US dollars. The definition precludes algorithmic stablecoins that maintain their US dollar peg using software or an automated trading strategy, leaving the regulatory status of algorithmic stablecoins, synthetic dollars, and yield-bearing fiat tokens uncertain. Current stablecoin market overview. Source: RWA.XYZ Industry leaders and executives are currently pushing for regulatory changes that would allow stablecoin issuers to share yield opportunities with stablecoin holders and offer onchain interest . According to the new guidelines, covered stablecoin issuers must never co-mingle asset reserves with operational capital or offer tokenholders interest, profit, or yield opportunities. Additionally, the covered stablecoin issuers must never use their reserves for investing or market speculation.
After the introduction of Donald Trump’s tariff, the odds of a US recession have increased. Investors, experts, and even larger institutions like JP Morgan and Goldman Sachs have updated their predictions concerning investors. The financial markets are already in turmoil, stocks are crashing, cryptos are struggling, and even the hard assets are affected. So, is recession happening in 2025? Let’s discuss this. Trump’s Tariff: More of an Economic Revival or US Recession? Donald Trump introduced tariffs with positive claims toward making the country wealthy, saving American jobs, and boosting domestic production. However, the analysts’ vision speaks of economic uncertainty and US recession ever since Trump introduced universal and reciprocal tariffs. The affected countries, like China, the EU, Japan, and others, are building strategies to tackle these tariffs, with some, like China, applying reverse 34% tariffs while others asking for cooperation. Amid these, the markets are affected, resulting in many calling it the beginning of a financial crisis. The social media platforms are filled with experts concerning rising inflation, declining yield, and eventually, recession in America. At the same time, Fed rate cuts are a must at this time. Even Trump asked Powell for cuts before it got too late in a recent X post. JP Morgan, Goldman Sachs & Others Raise US Recession Odds The famous financial institution JP Morgan has increased the chances of a recession to 60% by 2025, mentioning disruptive U.S. policies as the cause. At the same time, Goldman Sachs raised the recession odds from 20% to 35%. Also, the Oxford Economic predicted 4% core inflation and GDP growth at just 1.4%. Moody’s Analytics predict 7.5% unemployment and a 2% GDP contraction if retaliation continues. The investors’ concerns also align with these claims. The Polymarket data reveals that the odds of a US recession surged to 57% after declining from 60% earlier today. Adding to these concerns, Federal Reserve Chair Jerome Powell is also not very optimistic about Trump’s tariffs. In a recent business journalism conference, he claimed that these were larger than expected before hinting that the economic fallout could be way worse than anticipated. However, neither he nor the Fed forecasted the recession. Final Thoughts: Recession in 2025? Between Jerome Powell’s indirect concerns, Polymarket probability, and JP Morgan prediction, investors’ bearish sentiments are rising, and the impact is visible on the stock market’s performance . Although it is uncertain what’s coming next, 2025 will certainly be full of economic turning points. Now, all eyes are on the Fed meeting and any positive updates on Trump’s tariff news. The post US Recession in 2025? Powell & Polymarket Hints, But JP Morgan Warns appeared first on CoinGape .
Louisiana has introduced a new bill to make election betting illegal. According to the bill authored and introduced in the Louisiana Senate by Senator Rick Edwards, any activity related to election betting will be banned if it passes. This would mean that accepting and placing bets on any elections is illegal. The wording of the Louisiana bill , Senate Bill 90, sought to cover all aspects related to betting on political elections. “No person shall knowingly, willfully, or intentionally participate in any bet or wager that is based upon any contingency whatsoever that arises from an election,” it read. Louisiana wants to outlaw election betting The Louisiana bill also clarified that the bets would have to satisfy some conditions to be termed illegal. Some of the conditions include making an offer or wager, accepting any offer or wager, taking a share or monetary interest in a bet or wager, and acting in a way or manner that shows relation to a bet or wager on an election. The proposed penalty is the same as the current penalties for election violators. For first offenders, a fine of $1,000 or a jail term of up to a year, while repeat offenders are to pay a fine of $2,500 or a jail term of up to five years. Online sports betting has been legal in Louisiana since 2022. Last October and November, several bets were placed online during the election season. Several platforms ran election markets, with most residents trying to make profits from the election. The state collects a considerable amount in taxes from online betting, with February alone seeing the state net more than $7 million in tax, up 87% from February 2024. The growing pattern of election betting was evident in the last United States general election after Polygon-based betting platform Polymarket announced wagers on different markets, including the winner of the presidential election. The platform even went as far as tipping the eventual winner, Donald Trump, to take the coveted office. While the platform was previously used by crypto participants, the markets opened it up to the general American population. States hit betting sites with cease-and-desist letters States in the United States have been hitting betting sites with cease-and-desist orders, putting them all over the news. States like Illinois, New Jersey, Ohio, and Nevada have accused several platforms, including Kalshi, Robinhood, and Crypto.com of carrying out unlicensed sports betting. Last year, Kalshi and Robinhood netted about $300 million alone from the United States presidential election. The sites have argued this week that their Super Bowl and March Madness markets do not constitute sports betting. However, they made clearer advertisements during the elections, urging the general public to bet on the elections. Kalshi, for instance, made an ad on Right Side Broadcasting Network, flashing a message that read “Bet on the US election, Bet $100 on Trump, Get $175” across the Madison Square Garden Rally screen during the Donald Trump rally. Kalshi has argued that the advertisements are just for marketing purposes, noting that the “bet” in the statement is only used to consider a financial position. Kalshi is governed by the Commodities Futures Trading Commission (CFTC) rather than states. The company has initiated a counter-lawsuit against New Jersey and Nevada over their cease-and-desist letters. The CFTC also tried to bring down all betting markets related to the election last year but failed to do so. A federal judge at the time ruled that “the Commission has not substantiated that risks to election integrity are likely to materialize if Kalshi is allowed to operate its exchange.” Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now