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pan

Despite regulatory uncertainties, prediction market platforms continue to expand and raise funds

Despite ongoing disputes between the U.S. federal government and several state governments over the regulatory authority of prediction markets, platforms related to prediction markets such as Kalshi, Polymarket, Robinhood, and Coinbase continue to increase their business investments.Reports indicate that 17 states have challenged prediction market platforms, with some states arguing that sports event contracts essentially fall under gambling and should be regulated at the state level; meanwhile, the U.S. Commodity Futures Trading Commission (CFTC) asserts that event contracts fall under the category of derivatives and should be federally regulated.At the same time, the U.S. Congress has begun to intervene. James Comer, chairman of the House Oversight and Government Reform Committee, has requested that Kalshi and Polymarket submit documents related to insider trading prevention mechanisms.Despite the uncertainty in the regulatory environment, the valuations of related platforms continue to rise. Kalshi's latest financing has reached a valuation of $22 billion, doubling from $11 billion in December of last year; Polymarket's valuation is reportedly up to $15 billion.Executives from companies such as Flutter Entertainment, DraftKings, and Robinhood have stated that they will continue to invest in the prediction market business and believe that the related regulatory disputes will continue to evolve in the coming years.

Blockchain.com submits confidential IPO application; IG Group announces expansion of crypto trading across Europe through Bitpanda

According to BBX data, yesterday Blockchain.com submitted a confidential IPO application 15 years after its establishment, accelerating the expansion of traditional European trading platforms into cryptocurrency. The core dynamics are as follows:Blockchain.com Group Holdings Inc. (proposed listing) officially announced through a press release on May 21 that it has confidentially submitted a draft S-1 registration statement to the SEC on the same day, intending to issue Class A common stock. The specific number of shares and price range have yet to be determined, and the IPO timeline will depend on market conditions and the SEC review process, with a target to complete the listing by 2026. The company was founded in 2011 by three early members of the Bitcoin Forum, headquartered in Dallas, with 95 million wallets, 43 million verified users, and has processed over $1.1 trillion in cryptocurrency transactions; its products include consumer wallets and trading, institutional products and services, and it has recently expanded into the African market, launching perpetual contract trading through the Hyperliquid protocol; it has about 500 employees, and Bloomberg cited sources: it has been profitable for three consecutive years after adjustments; Series E financing in 2023 raised $110 million, with a valuation of approximately $7 billion (significantly down from the peak of $14 billion in 2022).IG Group Holdings plc (LSE: $IGG) announced on May 21 through an official statement from CoinDesk that its European division IG Europe GmbH will expand its cryptocurrency spot trading services across the EU through a partnership with the Vienna-based cryptocurrency exchange Bitpanda (privately held, holding regulatory licenses from Germany's BaFin and Malta's MiCA), with Bitpanda providing liquidity, trading connections, and comprehensive market data infrastructure support; IG Group's revenue for Q1 2026 is £331.2 million (approximately $445 million), with cryptocurrency spot trading contributing £2.4 million (approximately $3.2 million), accounting for about 0.7% of revenue; the company has around 1.3 million customers globally and is one of the few traditional financial platforms clearly positioned in cryptocurrency spot trading among the constituents of the FTSE 100 index on the London Stock Exchange. The specific timeline for this expansion has not been disclosed.

The final version of the Russian cryptocurrency bill will retain the ban on non-custodial wallets, with exceptions for foreign trade participants

According to Bits.media, Ivan Chebeskov, the Deputy Minister of Finance of Russia, stated that the final version of the government's cryptocurrency market regulation bill will retain the ban on transfers from Russian custodial wallets to non-custodial foreign wallets. More lenient conditions will only apply to participants in foreign trade activities, namely importers. Chebeskov mentioned that after the law comes into effect, the effectiveness of the new regulatory system will be analyzed, and in the future, the use of non-custodial wallets may be allowed in an experimental mode. The final version of the bill will be ready next week, and the Deputy Minister hopes it can be passed before the end of the State Duma's spring session.Previously, the Duma's Financial Market Committee opposed the central bank's stance on banning transfers to non-custodial wallets and proposed providing judicial protection for all cryptocurrency asset holders. The bill was passed in the first reading on April 21, stipulating that starting July 1, Russians and companies can only purchase digital assets through licensed intermediaries, and access to foreign cryptocurrency platforms must go through a list approved by the central bank, prohibiting access to exchanges that impose sanctions on Russia.
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