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Circuit is the next-gen DEX designed to serve as the liquidity hub for the Zircuit ecosystem. Circuit supports standard pool AMMs, stablecoin pool AMMs, and cutting-edge liquidity asset AMMs.
Kalshi in Talks to Raise $1 Billion at $40 Billion Valuation, with Sequoia Capital and Wellington Management Expected to Lead
Odaily News: Prediction market operator Kalshi is in negotiations for a $1 billion funding round at a target valuation of $40 billion. Existing investors Sequoia Capital and Wellington Management are in discussions to lead the round, with Tiger Global and Dragoneer Investment Group also participating in talks.The funding round has not yet been finalized, and the final list of investors and closing date have not been disclosed. Kalshi raised $300 million at a $5 billion valuation in October 2025, and completed a $1 billion funding round at a $22 billion valuation in May 2026.The U.S. Sixth Circuit Court of Appeals ruled against Kalshi on September 25 in lawsuits involving Ohio and Tennessee, allowing the two states to regulate its sports contracts under gambling laws. Kalshi argues that its products are regulated by the U.S. Commodity Futures Trading Commission. (Bitcoin.com News)
DeepSeek’s valuation approaches $4.5 billion; China’s “Big Fund” plans to lead its Series A financing round
According to a Reuters report citing the Financial Times, China’s largest state-backed semiconductor investment fund—the China Integrated Circuit Industry Investment Fund (“Big Fund”)—is negotiating to lead DeepSeek’s Series A financing round, which could value the cutting-edge AI lab at approximately $45 billion. Citing four people familiar with the matter, the report states that negotiations are still ongoing.
CFTC Proposes to Include Prediction Market Event Contracts in "Swaps" Definition to Draw a Clear Line From Gambling
According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) has submitted two proposed rules to the White House Office of Management and Budget (OMB): one would formally classify event contracts traded on platforms such as Kalshi, Polymarket, Crypto.com, and Robinhood under the regulatory definition of "swaps"; the other would explicitly exclude casino-style gambling products from the swaps category. This move aims to respond to recent federal court rulings—the Sixth and Eighth Circuits both ruled that Kalshi's sports-related contracts do not qualify as swaps and should be subject to state gambling regulations, while the Third Circuit upheld the CFTC's jurisdiction over prediction markets. With conflicting rulings across the circuits, the matter may ultimately need to be resolved by the U.S. Supreme Court. Currently, the CFTC comprises only one commissioner, Chair Mike Selig, with all related decisions made solely by him.
Kalshi in Talks to Raise $1 Billion at $40 Billion Valuation, with Sequoia Capital and Wellington Management Expected to Lead
Odaily News: Prediction market operator Kalshi is in negotiations for a $1 billion funding round at a target valuation of $40 billion. Existing investors Sequoia Capital and Wellington Management are in discussions to lead the round, with Tiger Global and Dragoneer Investment Group also participating in talks.The funding round has not yet been finalized, and the final list of investors and closing date have not been disclosed. Kalshi raised $300 million at a $5 billion valuation in October 2025, and completed a $1 billion funding round at a $22 billion valuation in May 2026.The U.S. Sixth Circuit Court of Appeals ruled against Kalshi on September 25 in lawsuits involving Ohio and Tennessee, allowing the two states to regulate its sports contracts under gambling laws. Kalshi argues that its products are regulated by the U.S. Commodity Futures Trading Commission. (Bitcoin.com News)
Kalshi Loses Appeal, Potential Supreme Court Case Sparks Jurisdictional Dispute
Kalshi lost its appeal as the Sixth Circuit Court ruled that states may regulate sports betting contracts, a decision that diverges from its prior partial victories and could pave the way for the case to reach the Supreme Court.
Sixth Circuit Court of Appeals Rules Kalshi Sports Contracts Subject to State Regulation
The U.S. Court of Appeals for the Sixth Circuit recently ruled that sports-related contracts on the Kalshi platform fall under state-level gambling regulation rather than federal financial derivatives. This ruling deepens the split within the national judicial system over regulatory authority for prediction markets, and the case is expected to be appealed to the Supreme Court.
US Sixth Circuit Court of Appeals Rules Kalshi Sports Contracts Subject to State Gambling Regulation
Odaily News: A panel of judges on the US Sixth Circuit Court of Appeals has ruled that prediction market platform Kalshi's sports event contracts do not constitute swaps, and are therefore subject to state-level gambling regulation rather than US Commodity Futures Trading Commission (CFTC) rules.The ruling involves two lawsuits filed by Kalshi against regulatory authorities in Ohio and Tennessee. Kalshi sought injunctions to block the two states from pursuing legal action against it, but the Ohio federal court denied its request, while the Tennessee federal court granted it. (CoinDesk)
A group of lawmakers from U.S. gambling states urges the Supreme Court to take up the Kalshi case
Odaily reports: The National Council of Legislators from Gaming States (NCLGS) has filed an amicus brief with the U.S. Supreme Court in support of the New Jersey Attorney General and gambling regulators' petition to hear their case against prediction market platform Kalshi. The petition seeks to clarify whether state governments or federal agencies have jurisdiction over prediction market companies.NCLGS stated that if the ruling favors Kalshi, states would be unable to regulate sports betting within prediction markets, potentially leading to regulatory confusion. The council believes that gambling-related matters should be handled by state regulators, and noted that casinos and other regulated entities may adjust their operations and products accordingly.New Jersey authorities filed a petition for a writ of certiorari on September 2, stemming from their appeal of a Third Circuit Court of Appeals ruling. Kalshi has not yet formally responded and must submit its position brief by November 9; the company has previously stated that it cannot be regulated separately by 50 different regulators. (Cointelegraph)
Eight Banking Trade Associations: CLARITY Act Circuit Breaker Is Not a Safeguard
Odaily News: According to crypto reporter Eleanor Terrett, eight banking trade groups have stated that the deposit outflow "circuit breaker" mechanism added to the new version of the CLARITY Act is not an effective safeguard, because the mechanism would only be triggered after large-scale deposit outflows have already occurred.In a letter to Senate leaders, these groups called for further tightening of provisions related to stablecoin rewards, in order to close loopholes that could allow stablecoin balances to earn interest-like payments.
Andre Cronje: DeFi Is No Longer Decentralized, Industry Divided Over Security Path Centered on "Circuit Breakers"
Andre Cronje stated most current decentralized finance (DeFi) protocols no longer qualify as "DeFi in the strict sense" and are closer to commercial systems operated by teams. This has sparked industry division over whether "circuit breakers" should be introduced to mitigate attack risks.In an interview, Andre Cronje pointed out that early DeFi centered on immutable smart contracts, but today many protocols rely on upgradeable contracts, multi-signature permissions, off-chain infrastructure, and manual operational processes. In essence, they have transitioned from "immutable public goods" to "operable, for-profit businesses." He noted that against the backdrop of recent security incidents, including DeFi attacks involving approximately $280 million and $293 million, industry risks have expanded from simple smart contract vulnerabilities to "Web2-style risks" such as infrastructure issues, permission controls, and social engineering attacks.Regarding risk management, Cronje's firm Flying Tulip recently introduced circuit breakers that delay or queue withdrawals during abnormal fund outflows, providing an emergency response window of about six hours to prevent systemic bank runs and further losses.However, this mechanism has also sparked controversy. Michael Egorov believes that circuit breakers may introduce new centralized attack surfaces. If controlled by signers or administrators, they could instead become new security vulnerabilities or sources of freezing risk. He emphasized that DeFi design should minimize human intervention rather than increase manual control points. Industry analysts pointed out that this debate essentially reflects how DeFi is shifting from the ideal model of "code is law" toward a practical architecture of "hybrid governance plus operational control," while the security boundaries are being redefined. (Cointelegraph)
CFTC Proposes to Include Prediction Market Event Contracts in "Swaps" Definition to Draw a Clear Line From Gambling
According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) has submitted two proposed rules to the White House Office of Management and Budget (OMB): one would formally classify event contracts traded on platforms such as Kalshi, Polymarket, Crypto.com, and Robinhood under the regulatory definition of "swaps"; the other would explicitly exclude casino-style gambling products from the swaps category. This move aims to respond to recent federal court rulings—the Sixth and Eighth Circuits both ruled that Kalshi's sports-related contracts do not qualify as swaps and should be subject to state gambling regulations, while the Third Circuit upheld the CFTC's jurisdiction over prediction markets. With conflicting rulings across the circuits, the matter may ultimately need to be resolved by the U.S. Supreme Court. Currently, the CFTC comprises only one commissioner, Chair Mike Selig, with all related decisions made solely by him.
Kalshi wins court backing to continue operating its event contracts business in Ohio and Tennessee.
According to Cointelegraph, Kalshi has won a significant ruling from the U.S. Court of Appeals for the Sixth Circuit, allowing it to continue operating its event contracts business in Ohio and Tennessee.
A group of lawmakers from U.S. gambling states urges the Supreme Court to take up the Kalshi case
Odaily reports: The National Council of Legislators from Gaming States (NCLGS) has filed an amicus brief with the U.S. Supreme Court in support of the New Jersey Attorney General and gambling regulators' petition to hear their case against prediction market platform Kalshi. The petition seeks to clarify whether state governments or federal agencies have jurisdiction over prediction market companies.NCLGS stated that if the ruling favors Kalshi, states would be unable to regulate sports betting within prediction markets, potentially leading to regulatory confusion. The council believes that gambling-related matters should be handled by state regulators, and noted that casinos and other regulated entities may adjust their operations and products accordingly.New Jersey authorities filed a petition for a writ of certiorari on September 2, stemming from their appeal of a Third Circuit Court of Appeals ruling. Kalshi has not yet formally responded and must submit its position brief by November 9; the company has previously stated that it cannot be regulated separately by 50 different regulators. (Cointelegraph)
Ruixin RISC-V Dataflow AI Chip and Qiyuan Robotics Reach Computing Power Ecosystem Partnership
According to Shanghai Securities News, Qiyuan Robotics recently hosted a new product launch event in Shanghai, at which Suzhou Ruixin Integrated Circuit Technology Co., Ltd. officially announced its partnership in Qiyuan Robotics' computing power ecosystem. The two parties will collaborate on technology addressing edge computing power requirements for embodied intelligence, jointly driving the practical application of dataflow architecture AI chips in humanoid robot scenarios. Ruixin follows a differentiated technical route based on the RISC-V instruction set and dataflow architecture. Its independently developed RISC-V CPU core has obtained certification from leading international semiconductor corporations. The flagship Gaoguang D35 chip employs advanced Chiplet packaging technology and supports flexible configuration of computing power tiers.
Michigan judge prohibits Kalshi from offering sports betting contracts locally, with a $500,000 daily fine for violations.
According to Decrypt, Ingham County Circuit Court Judge Rosemarie Aquilina has issued a preliminary injunction against prediction market platform Kalshi, ordering it to stop offering sports betting-related contracts to Michigan residents. The court determined that Kalshi's relevant operations are essentially "sports betting disguised as investment opportunities."
Blockchain Association Supports Custodia Bank's Application to Supreme Court for Federal Reserve Master Account Access
According to The Block, the Blockchain Association filed an amicus curiae brief on August 13 supporting Custodia Bank's appeal to the U.S. Supreme Court, requesting a review of the legality of the Federal Reserve Bank's refusal of its master account application. The Blockchain Association pointed out that this case concerns whether legitimate digital asset enterprises can compete in a fair environment, and warned that the lower court ruling provides a precedent for federal regulators "to debank unpopular industries in the future without the intervention of state regulators." Custodia Bank was founded by Wall Street veteran Caitlin Long, applied for a Fed master account in October 2020, was rejected by the Federal Reserve Bank of Kansas City in January 2023 on the grounds that the crypto business model posed risks, subsequently lost twice in the district court and the Tenth Circuit Court of Appeals, and was denied rehearing by the full court in a 7 to 3 vote in March 2026. The Federal Reserve Bank of Kansas City must respond to the Supreme Court application by September 11.
Related news
Nevada Opposes Kalshi's Request to Delay Ninth Circuit Appellate Proceedings
Odaily News: Nevada has opposed Kalshi's request to delay proceedings in the U.S. Court of Appeals for the Ninth Circuit while awaiting rulemaking by the U.S. Commodity Futures Trading Commission. The state argued that the court's earlier finding that the contracts at issue are not swaps was based on the text, context, and legislative purpose of the Commodity Exchange Act, and that CFTC rulemaking would not change that conclusion. Nevada also stated that the request is intended to prolong what it describes as Kalshi's illegal operations.
CFTC Proposes to Include Prediction Market Event Contracts in "Swaps" Definition to Draw a Clear Line From Gambling
According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) has submitted two proposed rules to the White House Office of Management and Budget (OMB): one would formally classify event contracts traded on platforms such as Kalshi, Polymarket, Crypto.com, and Robinhood under the regulatory definition of "swaps"; the other would explicitly exclude casino-style gambling products from the swaps category. This move aims to respond to recent federal court rulings—the Sixth and Eighth Circuits both ruled that Kalshi's sports-related contracts do not qualify as swaps and should be subject to state gambling regulations, while the Third Circuit upheld the CFTC's jurisdiction over prediction markets. With conflicting rulings across the circuits, the matter may ultimately need to be resolved by the U.S. Supreme Court. Currently, the CFTC comprises only one commissioner, Chair Mike Selig, with all related decisions made solely by him.
Kalshi in Talks to Raise $1 Billion at $40 Billion Valuation, with Sequoia Capital and Wellington Management Expected to Lead
Odaily News: Prediction market operator Kalshi is in negotiations for a $1 billion funding round at a target valuation of $40 billion. Existing investors Sequoia Capital and Wellington Management are in discussions to lead the round, with Tiger Global and Dragoneer Investment Group also participating in talks.The funding round has not yet been finalized, and the final list of investors and closing date have not been disclosed. Kalshi raised $300 million at a $5 billion valuation in October 2025, and completed a $1 billion funding round at a $22 billion valuation in May 2026.The U.S. Sixth Circuit Court of Appeals ruled against Kalshi on September 25 in lawsuits involving Ohio and Tennessee, allowing the two states to regulate its sports contracts under gambling laws. Kalshi argues that its products are regulated by the U.S. Commodity Futures Trading Commission. (Bitcoin.com News)
Kalshi wins court backing to continue operating its event contracts business in Ohio and Tennessee.
According to Cointelegraph, Kalshi has won a significant ruling from the U.S. Court of Appeals for the Sixth Circuit, allowing it to continue operating its event contracts business in Ohio and Tennessee.
Kalshi Loses Appeal, Potential Supreme Court Case Sparks Jurisdictional Dispute
Kalshi lost its appeal as the Sixth Circuit Court ruled that states may regulate sports betting contracts, a decision that diverges from its prior partial victories and could pave the way for the case to reach the Supreme Court.
Sixth Circuit Court of Appeals Rules Kalshi Sports Contracts Subject to State Regulation
The U.S. Court of Appeals for the Sixth Circuit recently ruled that sports-related contracts on the Kalshi platform fall under state-level gambling regulation rather than federal financial derivatives. This ruling deepens the split within the national judicial system over regulatory authority for prediction markets, and the case is expected to be appealed to the Supreme Court.