Regulation & Politics

The CFTC filed suit against Kentucky on Monday after the state sued prediction-market operators Kalshi and Polymarket for operating without gaming licenses, making Kentucky the ninth state to face federal litigation over who controls event-contract regulation.

Five senior Senate Democrats sent a formal letter to Republican committee chairs demanding immediate hearings into a $500 million deal in which Abu Dhabi royalty acquired a stake in World Liberty Financial before Trump's inauguration, and into the arms sales and AI chip approvals that followed.

Both chambers of Congress have passed the 21st Century ROAD to Housing Act, which prohibits the Federal Reserve from issuing a central bank digital currency until December 31, 2030. The House cleared the bill 358-32 on Tuesday, one day after the Senate's 85-5 vote, sending it to President Trump for signature.

Cody Carbone of The Digital Chamber testified Tuesday before the Senate Banking Committee that passing the CLARITY Act is a prerequisite for reducing financial friction costs that fall hardest on lower-income households, as no Senate floor vote has yet been scheduled.

Close to 100 Catholic bishops and church leaders have sent a letter to Senate leadership opposing the CLARITY Act, arguing that a provision shielding non-custodial developers from money-transmitter rules would weaken federal safeguards against human trafficking and other financial crimes.

A Trump White House official is negotiating an ethics compromise on the CLARITY Act with Senate Democrats, the last major sticking point before a floor vote, as Senator Cynthia Lummis says the US is finally close to getting digital asset legislation right.

The CFTC sued Kentucky on Tuesday to stop the state from using its own laws and a new transaction fee to push federally registered prediction markets out, widening a multi-state campaign over exclusive federal jurisdiction.

The US Senate voted 85-5 Monday to pass the 21st Century ROAD to Housing Act, which includes a provision barring the Federal Reserve from issuing a central bank digital currency until December 31, 2030. The sweeping bipartisan bill heads to the House for a final vote before going to President Trump's desk.

SBI Group, Japan's $252 billion financial conglomerate, plans to issue JPYSC this week per Nikkei reporting, becoming the first Japanese institution to launch a trust-bank-structured yen stablecoin under the amended Payment Services Act.

The House Financial Services Committee scheduled a July 17 field hearing on the digital-asset market-structure bill, part of a July calendar that puts the CLARITY Act on a tight clock before the August recess.