News

India’s central bank has proposed requiring banks to install “kill switches” on AI systems with board-level approval for high-risk models, marking the first comprehensive AI accountability framework for the financial sector. The rules cover all AI tools—from spreadsheets to generative systems—and hold banks fully responsible regardless of vendor origin, addressing systemic risks from over-reliance on global AI providers.

Kalshi’s CEO confirms the company won’t pursue an IPO until late 2027 at earliest, despite annualized revenue crossing $2 billion and a $22 billion private valuation. The explosive growth—driven almost entirely by sports betting contracts—has made the platform a serious institutional player, but regulatory uncertainty is keeping it private.

Hong Kong court convicts Xiao Rui of money laundering after rejecting his Bitcoin defense—he couldn’t produce a single transaction date or wallet address. The ruling signals that Hong Kong courts will demand rigorous crypto documentation, strengthening evidentiary standards in the jurisdiction’s push to become a regulated crypto hub.

SpaceX short sellers are piling in at an unusual pace, with short interest jumping from 8% to 13% in a single session after the stock’s June 12 IPO debut. The stock has fallen nearly 30% from its $225.64 peak, erasing roughly $600 billion in market value as options markets signal further downside ahead.

Kalshi sued Illinois to block enforcement of SB3019, a law requiring prediction market licenses and a 0.2% tax on digital asset transactions. The CFTC-registered platform argues the Commodity Exchange Act grants federal exclusive jurisdiction, preempting state licensing requirements.

Binance has withdrawn its MiCA license application from Greece, leaving the world’s largest crypto exchange without a publicly identified regulatory home in the EU after the compliance deadline expired. The move puts Binance at a competitive disadvantage as rivals like Coinbase and Kraken advance their European licensing efforts.

OpenAI has deployed “Jalapeño,” a custom Broadcom-manufactured chip designed to efficiently run inference for ChatGPT and other products, with broader deployment targeted for end of 2026. The move signals that major AI labs are treating chip dependency as a structural risk, following patterns set by Google and Amazon while reducing reliance on Nvidia.

Sentient Foundation launches a $42 million grant program offering non-dilutive funding to AGI developers and researchers with no equity requirements and full IP retention. The initiative counters venture capital’s dominance by funding open-source projects separately from commercial ventures, backed by institutional players like Franklin Templeton and Princeton University.

The CFTC sued Kentucky on June 23 to block enforcement actions against prediction market platforms Kalshi and Polymarket, making it the ninth state in this campaign. Kentucky’s Republican attorney general had filed separate lawsuits against both platforms just days earlier, claiming they operated as unlicensed sportsbooks under state gambling law.

Adrian Boafo won Maryland’s 5th Congressional Democratic primary backed by $5.5 million from Fairshake, a crypto super PAC network that raised $150-200 million for 2026. The network strategically targets candidates with tech ties and legislative records favoring blockchain, accumulating sympathetic votes across both parties to influence pending crypto legislation.