News linked to both this project and an event.
According to The Block, New York State Attorney General Letitia James filed a lawsuit against Coinbase and Gemini on Tuesday, accusing both companies of violating New York’s gambling laws through their prediction market platforms and permitting users aged 18 to 21 to participate—despite New York law requiring participants in mobile sports betting to be at least 21 years old. The state is seeking at least $2.2 billion in damages from Coinbase and at least $1.2 billion from Gemini, along with civil penalties, refunds to users, and forfeiture of illicit proceeds. In response, Coinbase Chief Legal Officer Paul Grewal stated that prediction markets fall under the regulatory authority of the U.S. Commodity Futures Trading Commission (CFTC), and the company will continue defending federal regulatory jurisdiction. The dispute over regulatory authority for prediction markets has now increasingly moved into the judicial arena; the CFTC has previously sued several state governments attempting to shut down such platforms.
Odaily News Letitia James has filed lawsuits against Coinbase and Gemini, alleging that they provide "disguised gambling" services through their prediction market platforms, violating New York state law.Regulators argue that this type of trading based on event outcomes (such as sports, elections) is essentially a form of gambling activity. They particularly question the platforms allowing participation from users aged 18 to 21, while New York law sets the minimum age for sports betting at 21. Prosecutors are seeking substantial fines and the disgorgement of profits, including claims of at least $2.2 billion from Coinbase and at least $1.2 billion from Gemini.The two companies have not yet formally responded, but Coinbase stated that prediction markets are regulated by the Commodity Futures Trading Commission, implying their legality falls under federal jurisdiction.
Odaily News Grayscale has updated its ETF application document linked to Hyperliquid, changing the custodian to Anchorage Digital Bank, replacing Coinbase which previously served as the prime broker and custodian.This adjustment has garnered significant attention, as Coinbase has long dominated the crypto ETF custody space. Currently, almost all U.S. spot Bitcoin ETFs (except Fidelity's) rely on its custody services.The filing shows that The Bank of New York Mellon will continue to serve as the transfer agent for this ETF (proposed ticker GHYP). The fund's staking functionality still requires regulatory approval and will utilize CoinDesk's Hyperliquid benchmark pricing data.Furthermore, Anchorage Digital Bank, as the first federally chartered crypto bank in the U.S., has been continuously expanding its institutional service capabilities in recent years, including areas such as stablecoins, wealth management, and token lifecycle management. (The Block)
According to The Block, Grayscale has filed a revised Hyperliquid ETF application with the U.S. Securities and Exchange Commission (SEC), naming Anchorage Digital Bank as the fund’s custodian in place of Coinbase. Anchorage is the first crypto-native bank to receive a federal banking charter in the U.S. and has recently expanded rapidly into stablecoin services, wealth management, and token lifecycle management—becoming the first institution in the U.S. to support TRON. If approved, the ETF will trade on Nasdaq under the ticker “GHYP”; staking functionality remains subject to regulatory approval.
According to CoinDesk, Coinbase is exploring collaboration with Bybit on tokenization, custody, and global distribution of assets such as U.S.-listed equities and pre-IPO shares. Sources familiar with the matter said negotiations are ongoing and do not involve equity acquisition or similar transactions by Bybit aimed at entering the U.S. market. Separately, reports indicate that Bybit’s plan to enter the U.S. market will be advanced through a new entity led by former Co-CEO Helen Liu, which will bring in an undisclosed local partner to provide licensing and compliance support, while Bybit will supply technology, products, and liquidity.
According to Cointelegraph, a legal dispute between prediction market platform Kalshi and the state of Nevada over regulatory jurisdiction concerning event contracts may ultimately be appealed to the U.S. Supreme Court. Kalshi argued before the U.S. Court of Appeals for the Ninth Circuit that its event contracts qualify as “swaps” subject to the exclusive jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC), rather than falling under state-level gambling regulation. Previously, Nevada had restricted Kalshi from offering such contracts on the grounds that it required a gambling license. Paul Grewal, Coinbase’s Chief Legal Officer, stated that the Supreme Court may rule on whether sports contracts listed on designated contract markets fall within the CFTC’s exclusive regulatory authority.
On-chain lending platform Votre has raised $3.75 million in seed funding, led by a16z Crypto Startup Accelerator, with participation from MaC Venture Capital, Druid Ventures, and angel investors from Goldman Sachs, Harvard University, and OrangeDAO. Founded in 2025, Votre operates a non-custodial crypto lending platform on Coinbase’s Base Layer 2 network, enabling users to borrow USD—settled the same day—using Bitcoin as collateral, with loan sizes ranging from approximately $25,000 to $5 million. The funds will be used to scale technical infrastructure, increase platform capacity, enhance liquidity management tools, and strengthen risk and compliance systems.
According to CoinDesk, Wall Street brokerage Bernstein released a research report stating that prediction market trading volume is expected to grow from $5.1 billion in 2025 to approximately $100 billion in 2030, representing a compound annual growth rate (CAGR) of roughly 80%. Trading volume is projected to reach $24 billion in 2026, while Polymarket and Kalshi combined have already generated $60 billion in trading volume year-to-date. The report identifies three core drivers of this growth: increasing regulatory clarity at the federal level, blockchain infrastructure enabling global liquidity, and integration with mainstream trading platforms. Industry revenue is expected to rise from approximately $400 million in 2025 to about $10.8 billion in 2030. Distribution capability is viewed as a key competitive barrier. Robinhood has achieved an annualized revenue run-rate of $350 million from prediction markets and is advancing its exchange infrastructure development; Coinbase, meanwhile, offers nationwide access to over 1,000 contracts via the Kalshi platform. Bernstein maintains an “Outperform” rating on both companies.
According to Paul Grewal, Coinbase’s Chief Legal Officer, Virginia Governor Abigail Spanberger has signed HB 798, a bill extending the state’s unclaimed property laws to digital assets and ensuring that digital assets can be administered in kind. This measure aims to improve the legal ownership framework and handling mechanisms for digital assets. Paul Grewal expressed his gratitude for this development.
Odaily News Cantor Fitzgerald pointed out in its latest report that with the rapid rise of prediction markets, Robinhood and Coinbase are poised to become major beneficiaries in this sector, leveraging their massive retail user base and mature trading infrastructure. Although leading platforms like Kalshi and Polymarket remain private companies, Robinhood and Coinbase have already begun entering this market by integrating event-driven trading within their applications.Cantor noted that prediction markets allow users to trade contracts based on real-world events such as elections and economic data, with prices reflecting the crowd's probability judgments. This model is similar to stock and crypto trading platforms, primarily generating revenue through trading activity fees. Among them, Robinhood's prediction market product, launched after the US election, has grown rapidly and has become one of its fastest-growing revenue streams; Coinbase is gradually opening related features to users by integrating Kalshi's infrastructure.The report believes that prediction markets not only have retail trading potential but may also play a role in institutional hedging and macro forecasting in the future. However, regulation remains the biggest uncertainty, as its legal status is still debated between being classified as a derivative or gambling. (CoinDesk)
According to DL News, the U.S. Internal Revenue Service (IRS) is intensifying its crackdown on cryptocurrency-related tax evasion, with particular focus on new reporting requirements for the 2025 tax year. The IRS’s Criminal Investigation Division has prioritized cryptocurrency tax cases, and investors must proactively report relevant transactions before the April 15 tax-filing deadline. Starting in 2025, Form 1099-DA—introduced for the first time—requires brokers to report investors’ total digital asset transaction proceeds to both investors and the IRS; however, investors themselves must calculate and verify their cost basis. Reports from Coinbase and CoinTracker indicate that approximately 61% of U.S. cryptocurrency investors are unaware of the new rules, and 52% fear penalties resulting from filing errors. Experts advise investors to gather all transaction records and file accurate returns to avoid criminal penalties, including fines of up to $100,000 and imprisonment for up to five years.
According to The Block, U.S. Republican Senator Thom Tillis stated that a draft bill aimed at resolving the long-standing dispute between banks and crypto firms over stablecoin yield—under the “Clarity for Payment Stablecoins Act” (the “Clarity Act”)—will be publicly released this week. Tillis co-drafted the provisions with Democratic Senator Angela Alsobrooks. The draft has already undergone review by both banking and crypto industry stakeholders, though banks remain opposed. Tillis indicated he is open to further revisions of the text. The issue of stablecoin yield represents the central point of contention in the Clarity Act: banks fear that permitting crypto firms to pay interest on idle stablecoins would trigger massive deposit outflows, while crypto enterprises such as Coinbase argue that banning such interest payments would stifle innovation. Additionally, Tillis proposed hosting a “Crypto Summit” to bring all stakeholders to Capitol Hill for negotiations toward a resolution. The Clarity Act has not yet advanced through the Senate Banking Committee and remains far from final enactment.
Coinbase CEO Brian Armstrong responded to U.S. Treasury Secretary Scott Bessent’s call for the passage of the “Clarity for Digital Assets Markets Act” (CLARITY Act), expressing agreement and gratitude for his advocacy. Armstrong emphasized that bipartisan collaboration between senators and staff over the past several months has significantly strengthened the bill. Earlier, the U.S. Treasury Secretary urged Congress to swiftly pass the CLARITY Act.
Securitize announced the appointment of Brett Redfearn as President and a member of its Board of Directors. Redfearn previously served as Chair of Securitize’s Advisory Board and has now been elevated to this senior leadership role. He brings extensive experience in regulatory and market structure matters from his prior roles at the U.S. Securities and Exchange Commission (SEC), JPMorgan, and Coinbase. Securitize stated that Redfearn will lead the expansion of its regulated platform businesses—including compliant token issuance, trading, and fund management—and will focus on strengthening collaboration with regulators and institutional investors to support the development of a next-generation, tokenization-based financial infrastructure.
According to Crowdfundinsider, UK-based ClearBank has announced that it has received approval under the EU’s Markets in Crypto-Assets Regulation (MiCA) and obtained a Crypto-Asset Service Provider (CASP) license from the Netherlands Authority for the Financial Markets (AFM). The bank plans to launch digital asset services, including stablecoins, and stated it intends to support euro- and U.S. dollar–backed stablecoins—EURC and USDC—to enhance cross-border transfers and payments. Additionally, ClearBank said it will offer savings accounts through Coinbase and bring them under the protection of the UK’s Financial Services Compensation Scheme (FSCS).