Tim Walz Bans Prediction Markets

Tether has bought out SoftBank Group’s ~26% ownership in Jack Mallers’ DAT, Twenty One Capital (XXI), adding to its control over the Bitcoin accumulator.

The move follows Tether's proposed merger plan to combine Twenty One with Strike's bitcoin financial services platform and bitcoin miner Elektron Energy. Twenty One holds 43,514 BTC ($33.7 billion), making it the second-largest public bitcoin holder. Shares jumped 5.6% on the news. Read more →

Minnesota became the first state to ban prediction markets this morning, with Gov. Tim Walz signing a bill that makes operating or advertising such platforms a felony. Within hours, the CFTC and DOJ sued, claiming the ban violates federal law and infringes on the regulator's exclusive jurisdiction. This is all really just a continuation of the battle between states and the Trump admin over platforms like Kalshi and Polymarket, with states arguing prediction market wagers are unlicensed gambling operators while the platforms claim federal immunity. The conflict is likely headed to the Supreme Court. Read more →

Trump signed an Exec Order yesterday making it easier for fintech and crypto firms to plug into traditional financial infrastructure, including a review of whether they should get direct access to Federal Reserve payment accounts and services. That matters because crypto companies have typically had to move dollars through partner banks, which act as the middlemen for wires, ACH, and other core payment rails. Direct access – especially through Fed master accounts or narrower “skinny” master accounts – could let qualified firms settle payments faster and with less dependence on legacy banks. Read more →

📥️ Want to advertise in CoinSnacks? Learn More