Morning Minute: The CFTC Bails Out Kalshi in NY
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. GM! Todays top news:Crypto majors chop ahead of CPI, ETH leads; BTC at $64kSEC plans to move forward with crypto rulemaking Friday, including tokenized securitiesRobinhood Chain does 10x the revenue of Base, TVL nears $500MHarmony exploit led to 26% of the supply mintedCFTC invokes emergency authority to keep Kalshi running in NY State ⚖️ The CFTC Shields Kalshi From New York, Just as Its Revenue Doubles The federal government just overruled a state trying to shut down a prediction market. The CFTC invoked “emergency authority” on Tuesday to order Kalshi to keep operating in New York, days after Attorney General Letitia James sued to block its sports contracts. Kalshi asked the regulator to step in, and it did. The stakes are enormous. According to The Information, Kalshi has topped a $4 billion annualized revenue run rate, double its level from two months ago, and is raising at a $40 billion valuation. So states are trying to rein it in exactly as it becomes one of the fastest-growing companies in finance. New York argues sports prediction markets are gambling that dodged state