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Crypto

Coinbase CLO says lawmakers cannot back CLARITY and oppose stablecoin rewards

Coinbase has publicly pressed the U.S. Congress to clarify whether stablecoin rewards will be allowed. Paul Grewal, Coinbase’s chief legal officer, said lawmakers who support the CLARITY Act should also oppose proposals to ban stablecoin rewards. The dispute centres on a Senate compromise that would bar passive yield on stablecoin balances while permitting limited activity-based rewards. Grewal said deposit-flight claims are theoretical, and a White House report estimated a minimal lending impact.

Crypto

New York state sues Coinbase, Gemini over alleged unlicensed prediction markets

New York state filed a lawsuit against cryptocurrency exchanges Coinbase and Gemini over prediction-market contracts. The state alleges the products, tied to sports, entertainment and elections, are unlicensed gambling that violates state law. Attorney General Letitia James said renaming gambling does not change its nature and cannot evade regulation. The complaint says the services functioned like bookmakers and allowed participation by users under 21.

Crypto

HBO\'s John Oliver targets prediction markets, says manipulation is too easy and regulation is a void

HBO satire show \"Last Week Tonight with John Oliver\" criticised prediction market platforms, highlighting regulatory gaps and the ease of manipulation. Oliver cited Kalyshi and Polymarket and described betting on political statements or whether events occur. He also criticised the U.S. Commodity Futures Trading Commission for not adequately controlling contracts tied to risky events such as terrorism, assassination and war. The sector is growing fast, with forecasts it could reach $1 trillion by 2030.