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Prediction markets firms take heat in Senate Commerce hearing scrutinizing surge

Prediction market platforms run by Kalshi and Crypto.com came under intense questioning for two hours at a U.S. Senate Commerce Committee hearing, including scrutiny of the platforms’ advertising practices, regulatory disputes and the cheating they may encourage. “We want athletes to compete on merit, but the opportunity to make money may attract gamblers – and…

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Latest Congressional swing at crypto tax reform would direct IRS to review de minimis exemptions

A bipartisan group of lawmakers on Wednesday introduced a revised cryptocurrency tax bill that would update the tax code to better address cryptocurrency use cases and, if signed into law, direct the Internal Revenue Service to analyze the possible impact of de minimis exemptions. Congressmen Steven Horsford (D-N.V.), Max Miller (R-Ohio), Susan DelBene (D-Wash.), and…

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Securitize posts record revenue in the first quarter as it gears up for public listing

Securitize reported record quarterly revenue as the tokenization platform continues to move toward an eventual public listing through its proposed SPAC merger with Cantor Equity Partners II (CEPT), underscoring growing institutional demand for tokenized real-world assets despite continued profitability pressures. The Miami-based company reported Wednesday that first-quarter revenue rose 39% year-over-year to $19.5 million, the…

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