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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.
New York State Gaming Commission Sues Kalshi, Asks Court to Enforce Investigative Subpoena
According to court documents, the New York State Gaming Commission has filed a petition with the New York County branch of the New York State Supreme Court, asking the court to compel Kalshi to comply with an investigative subpoena issued on July 31 under Section 104(7) of the state's Racing Law. The subpoena concerns sports event contracts, business directed at users under 21, advertising that describes products as betting, and equity and corporate structure. The Commission said the move is intended to determine whether to impose civil penalties on Kalshi and other parties and the amount of such penalties; Kalshi has not yet publicly responded. Previously, the New York Attorney General and the Governor sued Kalshi on July 31, seeking at least $36 billion. Federal Judge Torres rejected Kalshi's request for a preliminary injunction on July 7; appellate courts are divided, with the Third Circuit supporting Kalshi and the Ninth and Sixth Circuits supporting state regulation.
Blockchain Associations and Other Organizations Jointly Petition for Expedited Review of Illinois Digital Asset Tax Law Challenge Case
According to an official press release, the Blockchain Association (BA), Crypto Innovation Council (CCI), Digital Chamber of Commerce (TDC), and Illinois Blockchain Association (IBA), jointly with the State of Illinois, filed a joint motion on October 13 with the Sangamon County Circuit Court to expedite proceedings on two challenges to the Digital Assets Tax Act. The state government has agreed to suspend enforcement of the act until July 1, 2027. The parties propose accelerating the summary judgment process, with a motion filing deadline of November 4, 2026, briefs due by January 22, 2027, hearings scheduled from February 8 to 19, 2027, and a final ruling expected by March 1, 2027. These organizations contend that the tax law’s disparate treatment of digital assets violates federal and Illinois state law, would cause unfair harm to the industry, and sets a harmful precedent.
Kalshi Requests En Banc Rehearing in Sixth Circuit Over Ohio and Tennessee Rulings
Odaily News: Prediction market platform Kalshi filed a petition for en banc rehearing with the U.S. Court of Appeals for the Sixth Circuit on the 13th, requesting that the full court reconsider the three-judge panel's rulings in "Kalshi v. Schuler (Ohio)" and "Kalshi v. Orgel (Tennessee)." In late September, the three-judge panel ruled against granting Kalshi a preliminary injunction against the Ohio gaming regulatory and enforcement agency, while also vacating a previously issued preliminary injunction against the relevant Tennessee agency. In its petition, Kalshi argued that the three-judge panel misinterpreted the Commodity Exchange Act in two ways, including whether federal securities law preempts state gaming law and whether sports event contracts constitute "swaps." Kalshi stated it is still waiting for the right timing to file a petition with the Supreme Court.
Genius Group Sells All Bitcoin to Repay Debt, Then Repurchases 10 BTC
Bitcoin News posted on X platform stating that education company Genius Group purchased 10 bitcoins worth $854,000, marking the company's first repurchase since selling its entire bitcoin reserve on April 1 to repay $8.5 million in debt. As of February 2025, Genius Group had accumulated 440 bitcoins, after which it was affected by a New York injunction for approximately one year due to a dispute with LZG International. The U.S. Court of Appeals for the Second Circuit lifted the freeze order on August 31, and CEO Roger James Hamilton views this purchase as a signal that the company is restarting its bitcoin accumulation.
Coinbase's legal team filed a brief with the Second Circuit Court of Appeals, seeking confirmation of the CFTC's exclusive jurisdiction over prediction markets.
Molly Abraham (@mollyisonchain), a member of Coinbase’s legal team, posted that Coinbase filed an appellate brief today with the U.S. Court of Appeals for the Second Circuit, requesting the court to confirm the Commodity Futures Trading Commission’s (CFTC) exclusive regulatory authority over prediction markets. Molly emphasized that the crux of the dispute is not whether prediction markets should be regulated—they are already governed by the Commodity Exchange Act—but rather whether they should be uniformly overseen by the CFTC, which brings more than 50 years of experience managing derivatives markets, or subjected to disparate regulation across all 50 states. According to Coinbase, Congress has already answered this question clearly, and this filing seeks judicial confirmation of that ruling.
Kalshi Wins Partial Preliminary Injunction Against Illinois, Sports Championship Contracts May Be Swaps
Odaily News: Prediction market platform Kalshi has won a partial preliminary injunction against the state of Illinois. On October 2, Judge Martha M. Pacold of the U.S. District Court for the Northern District of Illinois ruled that the state's sports betting licensing regime and related criminal provisions may be preempted by federal law and cannot currently be enforced against Kalshi.The ruling temporarily blocks Illinois from requiring Kalshi to hold a state license, which was originally intended to restrict traders to those aged 21 or older and physically located within the state, as well as to limit the sporting events that contracts could track. The court also declined to rule on Illinois's newly established prediction market fees.Pacold stated that contracts on championship winners may constitute swaps under the Commodity Exchange Act and should be traded on designated contract markets and subject to federal regulation. This determination differs from the Ninth Circuit Court of Appeals' August conclusion that such contracts constitute gambling rather than swaps.This is Kalshi's first victory in federal court since July. Illinois's new budget law imposes a 1.75% fee on the first 5 million relevant transactions on exchanges, then 3.5% thereafter, plus a 15% gross revenue fee and a per-transaction fee of 25 or 50 cents; the court has asked the parties to submit supplemental briefs on the fee issue. (Bitcoin.com News)
Lula's Upset Re-election Victory Triggers Market Panic, Brazil's Stocks, Currency, and Bonds May Face Selloff, Stock Market at Risk of Circuit Breaker
Odaily reports: Brazilian President Lula won a fourth presidential term with 51.8% of the vote in the second round of the presidential election. The election result came as a surprise to the market, and Brazilian stocks, bonds, and the real exchange rate are facing selling pressure.Early trading indications showed that perpetual contracts linked to the iShares MSCI Brazil ETF (EWZ) on Hyperliquid fell as much as 27%, while real currency derivative contracts on the Chicago Mercantile Exchange (CME) indicated that the real could weaken to 5.55 per dollar, implying a decline of more than 10% from last Friday's closing level. Brazilian domestic trading institutions warned that selling pressure after the market opens could trigger circuit breaker mechanisms.Previously, the market widely bet on a Bolsonaro victory, and Brazilian assets rebounded sharply after the first round of voting. Now that the election result has reversed, related trades face liquidation pressure. Analysts noted that the market may reassess Brazil's fiscal outlook, interest rate trajectory, and exchange rate risks in the short term, and that continued escalation of political disputes could further amplify asset volatility. (Bloomberg)
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)
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)
New York State Gaming Commission Sues Kalshi, Asks Court to Enforce Investigative Subpoena
According to court documents, the New York State Gaming Commission has filed a petition with the New York County branch of the New York State Supreme Court, asking the court to compel Kalshi to comply with an investigative subpoena issued on July 31 under Section 104(7) of the state's Racing Law. The subpoena concerns sports event contracts, business directed at users under 21, advertising that describes products as betting, and equity and corporate structure. The Commission said the move is intended to determine whether to impose civil penalties on Kalshi and other parties and the amount of such penalties; Kalshi has not yet publicly responded. Previously, the New York Attorney General and the Governor sued Kalshi on July 31, seeking at least $36 billion. Federal Judge Torres rejected Kalshi's request for a preliminary injunction on July 7; appellate courts are divided, with the Third Circuit supporting Kalshi and the Ninth and Sixth Circuits supporting state regulation.
US Prosecutors Cite Bitcoin Fog Precedent to Support Trying Tornado Cash Defendant Roman Storm in New York
Odaily News: Bitcoin News posted on X platform that U.S. federal prosecutors informed Judge Katherine Polk Failla that the U.S. Court of Appeals for the D.C. Circuit upheld the conviction of Bitcoin Fog founder Roman Sterlingov on September 25, supporting the trial of Tornado Cash defendant Roman Storm in New York. The appellate court determined that Washington, D.C. has trial jurisdiction, reasoning that law enforcement officers had deposited approximately $250 worth of Bitcoin into Bitcoin Fog from Washington, D.C. Prosecutors argued that since user Shakeeb Ahmed accessed Tornado Cash from his apartment in Manhattan, the same logic applies. Roman Storm released this letter and noted that FinCEN withdrew its 2023 mixer reporting requirement on the same day, citing concerns that the proposal could suppress legitimate activity.
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.
Related news
New York State Gaming Commission Sues Kalshi, Asks Court to Enforce Investigative Subpoena
According to court documents, the New York State Gaming Commission has filed a petition with the New York County branch of the New York State Supreme Court, asking the court to compel Kalshi to comply with an investigative subpoena issued on July 31 under Section 104(7) of the state's Racing Law. The subpoena concerns sports event contracts, business directed at users under 21, advertising that describes products as betting, and equity and corporate structure. The Commission said the move is intended to determine whether to impose civil penalties on Kalshi and other parties and the amount of such penalties; Kalshi has not yet publicly responded. Previously, the New York Attorney General and the Governor sued Kalshi on July 31, seeking at least $36 billion. Federal Judge Torres rejected Kalshi's request for a preliminary injunction on July 7; appellate courts are divided, with the Third Circuit supporting Kalshi and the Ninth and Sixth Circuits supporting state regulation.
Lula's Upset Re-election Victory Triggers Market Panic, Brazil's Stocks, Currency, and Bonds May Face Selloff, Stock Market at Risk of Circuit Breaker
Odaily reports: Brazilian President Lula won a fourth presidential term with 51.8% of the vote in the second round of the presidential election. The election result came as a surprise to the market, and Brazilian stocks, bonds, and the real exchange rate are facing selling pressure.Early trading indications showed that perpetual contracts linked to the iShares MSCI Brazil ETF (EWZ) on Hyperliquid fell as much as 27%, while real currency derivative contracts on the Chicago Mercantile Exchange (CME) indicated that the real could weaken to 5.55 per dollar, implying a decline of more than 10% from last Friday's closing level. Brazilian domestic trading institutions warned that selling pressure after the market opens could trigger circuit breaker mechanisms.Previously, the market widely bet on a Bolsonaro victory, and Brazilian assets rebounded sharply after the first round of voting. Now that the election result has reversed, related trades face liquidation pressure. Analysts noted that the market may reassess Brazil's fiscal outlook, interest rate trajectory, and exchange rate risks in the short term, and that continued escalation of political disputes could further amplify asset volatility. (Bloomberg)
Arkansas appeals to the Eighth Circuit Court to lift the injunction on the out-of-state crypto mining restriction bill.
According to Bloomberg Law, Arkansas and its Oil and Gas Commission urged the court during oral arguments before the Eighth Circuit Court of Appeals on Tuesday (Oct. 20) to vacate an injunction that blocked the state from enforcing its law restricting foreign-owned cryptocurrency mining. Enacted in 2024, the law prohibits citizens or entities of countries subject to U.S. State Department arms export controls from holding equity stakes in digital asset mining equipment in the state. Joseph Nelson of the Arkansas Attorney General’s Office challenged the lower court’s ruling, which found that the state law was likely preempted by federal regulations. Nelson argued that the law “goes to the very core of the state’s police powers,” and its restrictions on foreign ownership and investment align with the list of countries identified by the federal government as posing a threat to national security.
Blockchain Associations and Other Organizations Jointly Petition for Expedited Review of Illinois Digital Asset Tax Law Challenge Case
According to an official press release, the Blockchain Association (BA), Crypto Innovation Council (CCI), Digital Chamber of Commerce (TDC), and Illinois Blockchain Association (IBA), jointly with the State of Illinois, filed a joint motion on October 13 with the Sangamon County Circuit Court to expedite proceedings on two challenges to the Digital Assets Tax Act. The state government has agreed to suspend enforcement of the act until July 1, 2027. The parties propose accelerating the summary judgment process, with a motion filing deadline of November 4, 2026, briefs due by January 22, 2027, hearings scheduled from February 8 to 19, 2027, and a final ruling expected by March 1, 2027. These organizations contend that the tax law’s disparate treatment of digital assets violates federal and Illinois state law, would cause unfair harm to the industry, and sets a harmful precedent.
Kalshi Requests En Banc Rehearing in Sixth Circuit Over Ohio and Tennessee Rulings
Odaily News: Prediction market platform Kalshi filed a petition for en banc rehearing with the U.S. Court of Appeals for the Sixth Circuit on the 13th, requesting that the full court reconsider the three-judge panel's rulings in "Kalshi v. Schuler (Ohio)" and "Kalshi v. Orgel (Tennessee)." In late September, the three-judge panel ruled against granting Kalshi a preliminary injunction against the Ohio gaming regulatory and enforcement agency, while also vacating a previously issued preliminary injunction against the relevant Tennessee agency. In its petition, Kalshi argued that the three-judge panel misinterpreted the Commodity Exchange Act in two ways, including whether federal securities law preempts state gaming law and whether sports event contracts constitute "swaps." Kalshi stated it is still waiting for the right timing to file a petition with the Supreme Court.
Genius Group Sells All Bitcoin to Repay Debt, Then Repurchases 10 BTC
Bitcoin News posted on X platform stating that education company Genius Group purchased 10 bitcoins worth $854,000, marking the company's first repurchase since selling its entire bitcoin reserve on April 1 to repay $8.5 million in debt. As of February 2025, Genius Group had accumulated 440 bitcoins, after which it was affected by a New York injunction for approximately one year due to a dispute with LZG International. The U.S. Court of Appeals for the Second Circuit lifted the freeze order on August 31, and CEO Roger James Hamilton views this purchase as a signal that the company is restarting its bitcoin accumulation.