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Evening wrap · November 12, 2026

US Senators Probe Kalshi Trading Amid Regulatory Backlash

Prediction market ethics face US lawmakers as stablecoins spread across traditional payment rails and post-quantum security shapes hardware wallets.

  1. 1

    Sens. Warren, Merkley press White House on prediction markets

    Senators Elizabeth Warren and Jeff Merkley asked the White House to answer ethics questions by Nov. 23, following a CFTC settlement with a former Trump aide over Kalshi trades. The inquiry also notes Donald Trump Jr.'s advisory ties to such platforms.

  2. 2

    Anchorage Digital and Visa clear $USDPT on VisaNet

    Western Union's USDPT became the first Anchorage-issued token to settle transactions across VisaNet. Eligible institutions can now clear cross-border and corporate obligations via OCC-supervised digital assets without converting to commercial bank rails.

  3. 3

    DOJ, SIFMA back challenge to Illinois digital asset tax

    The DOJ and US Chamber of Commerce filed briefs supporting a lawsuit against Illinois' 0.2% transfer and storage tax. If upheld, the statute could expose brokers and decentralized developers to felony penalties for failing to track and remit taxes.

  4. 4

    South Korea issues no-action letter for crypto freezes

    The Financial Services Commission will allow exchanges to halt transactions during suspected hacks without facing statutory penalties. The Virtual Asset User Protection Act currently penalizes operators for unjustified withdrawal delays.

Numbers

Bitcoin fell 4.3% over the past 24 hours to $71,369, while the broader market capitalization dropped 4.3% to $2.36 trillion as the Fear & Greed Index hit 28.

Watch

The White House Counsel's Nov. 23 deadline to respond to Sens. Warren and Merkley's ethics questions. · Proceedings in the Circuit Court of Sangamon County regarding the Illinois Digital Asset Tax. · Volume metrics and redemption latency across the initial $50 million Securitize and Ethena BUIDL liquidity facility.

Full text

Prediction market ethics face US lawmakers as stablecoins spread across traditional payment rails and post-quantum security shapes hardware wallets.

  1. Sens. Warren, Merkley press White House on prediction markets Senators Elizabeth Warren and Jeff Merkley asked the White House to answer ethics questions by Nov. 23, following a CFTC settlement with a former Trump aide over Kalshi trades. The inquiry also notes Donald Trump Jr.'s advisory ties to such platforms.

  2. SoFi expands bank-issued stablecoin to Polygon SoFi brought its OCC-regulated $SOFIUSD to Polygon's Open Money Stack, joining $USDC, $USDT, and $PYUSD. More than 17 million SoFi users can now buy and convert the token natively in the app, giving enterprise merchants a banking dollar for settlement.

  3. Anchorage Digital and Visa clear $USDPT on VisaNet Western Union's USDPT became the first Anchorage-issued token to settle transactions across VisaNet. Eligible institutions can now clear cross-border and corporate obligations via OCC-supervised digital assets without converting to commercial bank rails.

  4. DOJ, SIFMA back challenge to Illinois digital asset tax The DOJ and US Chamber of Commerce filed briefs supporting a lawsuit against Illinois' 0.2% transfer and storage tax. If upheld, the statute could expose brokers and decentralized developers to felony penalties for failing to track and remit taxes.

  5. South Korea issues no-action letter for crypto freezes The Financial Services Commission will allow exchanges to halt transactions during suspected hacks without facing statutory penalties. The Virtual Asset User Protection Act currently penalizes operators for unjustified withdrawal delays.

Numbers Bitcoin fell 4.3% over the past 24 hours to $71,369, while the broader market capitalization dropped 4.3% to $2.36 trillion as the Fear & Greed Index hit 28.

Watch

  • The White House Counsel's Nov. 23 deadline to respond to Sens. Warren and Merkley's ethics questions.
  • Proceedings in the Circuit Court of Sangamon County regarding the Illinois Digital Asset Tax.
  • Volume metrics and redemption latency across the initial $50 million Securitize and Ethena BUIDL liquidity facility.

Basis Desk Newsroom · AI-generated, source-verified. Built only from stories already verified and published on Basis Desk; market figures as of publication. Not financial advice.