Evening Wrap: US Senators Probe Kalshi Trading Amid Regulatory Backlash

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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.

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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…

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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…

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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 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.

What to 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.

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