{"id":876723,"date":"2025-10-11T00:12:06","date_gmt":"2025-10-11T05:12:06","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/10\/11\/senate-dems-submit-crypto-market-structure-proposal-world-ends\/"},"modified":"2025-10-11T00:12:06","modified_gmt":"2025-10-11T05:12:06","slug":"senate-dems-submit-crypto-market-structure-proposal-world-ends","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/10\/11\/senate-dems-submit-crypto-market-structure-proposal-world-ends\/","title":{"rendered":"Senate Dems submit crypto market structure proposal, world ends"},"content":{"rendered":"<div>\n<div>\n<ol>\n<li><a href=\"https:\/\/coingeek.com\">Homepage<\/a><\/li>\n<li> > <\/li>\n<li><a href=\"https:\/\/coingeek.com\/news\/\">News<\/a><\/li>\n<li> > <\/li>\n<li><a href=\"https:\/\/coingeek.com\/news\/category\/business\/\"><br \/>\n                                Business<br \/>\n                       <\/a><\/li>\n<li> > <\/li>\n<li>Senate Dems submit crypto market structure proposal, world ends<\/li>\n<\/ol>\n<\/div>\n<p>A market structure proposal by Senate Democrats has the crypto sector baying for blood, while state gaming regulators are spoiling for a fight over prediction markets horning in on their sports betting turf.<\/p>\n<ul>\n<li><a href=\"http:\/\/coingeek.com\/#Market-structure\">Market structure hope abides despite gov\u2019t shutdown<\/a><\/li>\n<li><a href=\"http:\/\/coingeek.com\/#Dems-DeFi\">That is, until GOP got a look at Dems\u2019 DeFi demands<\/a><\/li>\n<li><a href=\"http:\/\/coingeek.com\/#stablecoin-yield-fight\">Banks get senatorial support in stablecoin \u2018yield\u2019 fight<\/a><\/li>\n<li><a href=\"http:\/\/coingeek.com\/#Coinbase\">Coinbase limits USDC rewards, launches NY staking, preps Base token<\/a><\/li>\n<li><a href=\"http:\/\/coingeek.com\/#Metamask-Polymarket\">Metamask teams with Polymarket as prediction markets annoy sportsbooks<\/a><\/li>\n<li><a href=\"http:\/\/coingeek.com\/#North-Dakota-bank\">North Dakota bank issuing Roughrider stablecoin<\/a><\/li>\n<\/ul>\n<p id=\"Market-structure\">The U.S. government shutdown shows no signs of ending anytime soon, but while work on the Senate Banking committee\u2019s\u00a0<br \/><a href=\"https:\/\/coingeek.com\/us-market-structure-debate-back-on-cftc-welcomes-mica-licensees\/#gop\" target=\"_blank\" rel=\"noreferrer noopener\">digital asset market structure legislation<\/a>\u2014the\u00a0<a href=\"https:\/\/aboutbgov.com\/bjrn\" target=\"_blank\" rel=\"noreferrer noopener\">Responsible Financial Innovation Act<\/a>\u00a0(RFIA)\u2014may have slowed, it hasn\u2019t stopped. At least, not completely.<\/p>\n<p>On October 8, Rep. Bryan Steil (R-WI), one of the prime movers who helped pass the House of Representatives\u2019 market structure bill (the\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/clarity-act\/\" target=\"_blank\" rel=\"noreferrer noopener\">CLARITY Act<\/a>) this summer, told\u00a0<a href=\"https:\/\/www.cnbc.com\/video\/2025\/10\/08\/why-rep-bryan-steil-thinks-the-government-shutdown-wont-delay-crypto-regulation-cnbc-crypto-world.html\" target=\"_blank\" rel=\"noreferrer noopener\">CNBC<\/a>\u00a0that he thinks that if senators \u201cchoose to use the House text as their base text, I think what we have is an opportunity to get this bill still done, signed into law by the end of the year.\u201d<\/p>\n<p>That said, given that the Banking committee has already pushed back its original timeline for marking up RFIA by three weeks (to the week of October 20), and the Agriculture committee\u00a0<a href=\"https:\/\/coingeek.com\/btc-hits-record-high-on-etf-inflows-us-dollar-decline\/#Government-shutdown\" target=\"_blank\" rel=\"noreferrer noopener\">has yet to release its market structure discussion draft<\/a>, it\u2019s unclear whether such optimism is warranted.<\/p>\n<p>And if deliberations stretch into 2026, the midterm elections will further complicate this process. Steil said \u201cit gets harder and harder to get legislation all the way across the line as you approach an election \u2026 every day that goes by is a missed opportunity.\u201d\u00a0<\/p>\n<p>The RFIA builds on CLARITY\u2019s content but contains significant diversions, and there\u2019s no shortage of cooks in this kitchen seeking to modify the recipe to fit their particular tastes.<\/p>\n<p>On October 8,\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/block\/\" target=\"_blank\" rel=\"noreferrer noopener\">Block<\/a>\u00a0(<a href=\"https:\/\/www.nasdaq.com\/market-activity\/stocks\/sq\" target=\"_blank\" rel=\"noreferrer noopener\">NASDAQ: SQ<\/a>)\u00a0founder\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/jack-dorsey\/\" target=\"_blank\" rel=\"noreferrer noopener\">Jack Dorsey<\/a>\u00a0<a href=\"https:\/\/x.com\/jack\/status\/1976056646138036581\" target=\"_blank\" rel=\"noreferrer noopener\">tweeted<\/a>\u00a0his desire for \u201ca\u00a0<a href=\"https:\/\/coingeek.com\/joint-cftc-sec-meeting-harmonization-meets-deregulation\/#Senate-tax-hearing\" target=\"_blank\" rel=\"noreferrer noopener\">de minimis tax exemption<\/a>\u00a0for everyday bitcoin transactions.\u201d Dorsey\u2019s tweet brought\u00a0<a href=\"https:\/\/x.com\/CynthiaMLummis\/status\/1976080802254667979\" target=\"_blank\" rel=\"noreferrer noopener\">a reply<\/a>\u00a0from Sen. Cynthia Lummis (R-WY), a major crypto proponent, saying she is \u201c[w]orking on it.\u201d<\/p>\n<p>Lummis has teamed up with Sen. Steve Daines (R-MT) on new digital asset tax legislation that would include aspects of\u00a0<a href=\"https:\/\/coingeek.com\/cynthia-lummis-digital-asset-tax-bill-seeks-capital-gain-reforms\/\" target=\"_blank\" rel=\"noreferrer noopener\">the tax bill Lummis introduced earlier this year<\/a>. Rep. Max Miller (R-OH) is reportedly working on companion legislation that will be introduced in the House over the coming weeks.<\/p>\n<p>Dorsey\u2019s desire for tax-free BTC transactions stems from Block\u2019s announcement this week of\u00a0<a href=\"https:\/\/investors.block.xyz\/investor-news\/news-details\/2025\/Square-Brings-Bitcoin-to-Main-Street-With-First-Integrated-Payments-and-Wallet-Solution-for-Local-Businesses\/default.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">Square Bitcoin<\/a>, \u201cthe first fully integrated bitcoin payments and\u00a0<a href=\"https:\/\/coingeek.com\/wallets\/\" target=\"_blank\" rel=\"noreferrer noopener\">wallet<\/a>\u00a0solution\u2014built for local businesses of all sizes.\u201d The product will allow U.S. retailers to accept payments in\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/btc\/\" target=\"_blank\" rel=\"noreferrer noopener\">BTC<\/a>\u00a0without paying any fees for the first year, after which Block will take 1% of the transaction total.<\/p>\n<p>Block claims that \u201cwith adoption and utility growing, bitcoin continues to become a larger portion of everyday commerce.\u201d However,\u00a0<a href=\"https:\/\/www.kansascityfed.org\/documents\/11707\/PaymentsSystemResearchBriefing25HayashiRouth0924.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">a recent survey<\/a>\u00a0by the Federal Reserve Bank of Kansas City found that less than 2% of U.S. consumers used any kind of \u2018crypto\u2019 for payments last year, down from 2.7% in 2022. The number of consumers who used crypto for actual purchases was even lower at 1.1%, effectively unchanged from 2022.<\/p>\n<p>A\u00a0<a href=\"https:\/\/www.atlantafed.org\/-\/media\/documents\/banking\/consumer-payments\/survey-diary-consumer-payment-choice\/2024\/dcpc2024_tables_for_web.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">separate survey<\/a>\u00a0from the Atlanta Fed found that as of 2024, 7.7% of consumers either have owned or currently own \u2018cryptocurrency,\u2019 down from 8.6% in 2023 and from 9.6% in 2022. Obviously, a new level of crypto enthusiasm has been attained following President Trump\u2019s return to the White House this year, but whether that\u2019s moving any of these public participation needles remains to be seen.<\/p>\n<p id=\"Dems-DeFi\"><strong>Dems v DeFi: wanna start something?<\/strong><\/p>\n<p>Late Thursday, word broke that Senate Democrats\u2014who have been\u00a0<a href=\"https:\/\/coingeek.com\/us-senate-market-structure-squabbles-cftc-chair-up-for-grabs\/#rfia\" target=\"_blank\" rel=\"noreferrer noopener\">pleading to be allowed greater input<\/a>\u00a0into RFIA\u2019s final text\u2014had put forth a proposal regarding the bill\u2019s\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/decentralized-finance\/\" target=\"_blank\" rel=\"noreferrer noopener\">decentralized finance<\/a>\u00a0(DeFi) language that apparently so annoyed their Republican counterparts that bipartisan discussions have been cancelled until further notice.<\/p>\n<p><a href=\"https:\/\/punchbowl.news\/article\/finance\/economy\/crypto-talks-risk-crashout\/\" target=\"_blank\" rel=\"noreferrer noopener\">Punchbowl News<\/a>\u00a0quoted an email in which a staff director for Banking committee chair Tim Scott (R-SC) replied to the Dem proposal by saying the GOP committee leaders had concluded that \u201cuntil we have an agreed upon date for markup we are going to pause any further meetings.\u201d<\/p>\n<p>A committee spokesperson told\u00a0<a href=\"https:\/\/www.theblock.co\/post\/374095\/senate-democrats-defi-legislative-proposal-draws-fire-from-committee-republicans-crypto-advocates\" target=\"_blank\" rel=\"noreferrer noopener\">The Block<\/a>\u00a0that the proposal the Dems sent \u201cwas not a legislative offer; the document was not written in legislative text, included multiple incoherent policy ideas, and was not a good-faith effort to engage on market structure.\u201d<\/p>\n<p>While the Dems\u2019 proposal has yet to be released publicly, crypto attorney Jake Chervinsky\u00a0<a href=\"https:\/\/x.com\/jchervinsky\/status\/1976380118437331425\" target=\"_blank\" rel=\"noreferrer noopener\">tweeted<\/a>\u00a0that it is \u201cdeeply unserious\u201d and amounts to \u201cbasically a crypto ban.\u201d<\/p>\n<p>CLARITY offered DeFi developers certain protections from legal blowback if the tools they designed were used for illicit purposes. Basically, it promised absolution from the kind of responsibility that led to\u00a0<a href=\"https:\/\/coingeek.com\/trump-rolls-out-crypto-welcome-mat-threatens-crypto-foes\/#Tornado-Cash-dev-wins-some,-loses-some\" target=\"_blank\" rel=\"noreferrer noopener\">the conviction<\/a>\u00a0this summer of\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/roman-storm\/\" target=\"_blank\" rel=\"noreferrer noopener\">Roman Storm<\/a>, co-founder of\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/tornado-cash\/\" target=\"_blank\" rel=\"noreferrer noopener\">Tornado Cash<\/a>, a\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/coin-mixer\/\" target=\"_blank\" rel=\"noreferrer noopener\">coin mixing<\/a>\u00a0service popular with criminals and\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/lazarus-group\/\" target=\"_blank\" rel=\"noreferrer noopener\">hackers<\/a>\u00a0looking to obfuscate the digital trail of their illicit proceeds.<\/p>\n<p>The RFIA sought to\u00a0<a href=\"https:\/\/coingeek.com\/us-congress-urged-to-protect-developers-in-market-structure-bill\/\" target=\"_blank\" rel=\"noreferrer noopener\">expand on these protections<\/a>, but Chervinsky claims the Dems\u2019 proposal \u201cmakes everyone in crypto an intermediary,\u201d regardless of whether or not they actually take custody of the tokens flowing through their platforms.<\/p>\n<p>It would also force \u201cfront-end providers to [know your customer] users,\u201d while giving the Treasury Department the authority to regulate anyone with \u201csufficient influence\u201d in a DeFi protocol, with \u2018sufficient\u2019 defined by the Treasury as they go.<\/p>\n<p>Chervinsky\u2019s take doesn\u2019t spare the hyperbole, calling the Dems\u2019 proposal \u201cless a regulatory framework and more an unprecedented, unconstitutional government takeover of an entire industry.\u201d Crypto attorney Zack Shapiro\u00a0<a href=\"https:\/\/x.com\/zackbshapiro\/status\/1976395080564187143\" target=\"_blank\" rel=\"noreferrer noopener\">tweeted<\/a>\u00a0his own equally critical view of the proposal, saying it \u201cexpands administrative authority over code itself\u2014a direct threat to civil and economic liberty.\u201d<\/p>\n<p>We\u2019re apparently on the brink of\u00a0<a href=\"https:\/\/www.youtube.com\/watch?v=q0POXW4V1_k\" target=\"_blank\" rel=\"noreferrer noopener\">mass hysteria and dogs and cats living together,<\/a>\u00a0rather than watching two political factions negotiate the language of a piece of legislation. We\u2019ll follow up later, assuming the world still exists.<\/p>\n<p><em><a href=\"http:\/\/coingeek.com\/#top\">Back to the top \u2191<\/a><\/em><\/p>\n<p id=\"stablecoin-yield-fight\"><strong>Banks get some senatorial support in stablecoin \u2018yield\/rewards\u2019 squabble<\/strong><\/p>\n<p>Another contentious point of the Senate\u2019s market structure push is the effort by traditional banks to use the RFIA to\u00a0<a href=\"https:\/\/coingeek.com\/us-bankers-urge-action-over-genius-act-loopholes\/\" target=\"_blank\" rel=\"noreferrer noopener\">close the \u2018yield\u2019 loophole<\/a>\u00a0in the\u00a0<a href=\"https:\/\/coingeek.com\/bitcoin101\/go-cashless-the-rise-of-stablecoins-as-payment\/\" target=\"_blank\" rel=\"noreferrer noopener\">stablecoin<\/a>-focused\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/genius-act\/\" target=\"_blank\" rel=\"noreferrer noopener\">GENIUS Act<\/a>\u00a0that Trump\u00a0<a href=\"https:\/\/coingeek.com\/trump-signature-on-stablecoin-law-kicks-off-flurry-of-activity\/\" target=\"_blank\" rel=\"noreferrer noopener\">signed into law<\/a>\u00a0this summer.\u00a0<\/p>\n<p>GENIUS prohibits stablecoin issuers from offering \u2018yield\u2019 to customers, but nothing prevents non-issuers like the\u00a0<br \/><a href=\"https:\/\/coingeek.com\/news\/tag\/coinbase\/\" target=\"_blank\" rel=\"noreferrer noopener\">Coinbase<\/a>\u00a0(<a href=\"https:\/\/www.nasdaq.com\/market-activity\/stocks\/coin\" target=\"_blank\" rel=\"noreferrer noopener\">NASDAQ: COIN<\/a>) digital asset\u00a0<a href=\"https:\/\/coingeek.com\/exchanges\/\" target=\"_blank\" rel=\"noreferrer noopener\">exchange<\/a>\u00a0from offering \u2018rewards\u2019 to users who deposit stablecoins on these platforms. Banks fear that their customers will withdraw their deposits en masse to reinvest in stablecoins and generate higher interest\/yield\/rewards\/goodies via crypto exchanges.<\/p>\n<p>Coinbase has\u00a0<a href=\"https:\/\/coingeek.com\/usdc-mulls-reversible-transactions-banks-v-crypto-v-senate\/#Enter-the-advocates\" target=\"_blank\" rel=\"noreferrer noopener\">launched a PR campaign<\/a>\u00a0claiming that the banks\u2019 efforts to revise GENIUS amount to a \u2018bailout,\u2019 and the exchange\u2019s astroturf\/grassroots group Stand with Crypto led a \u2018contact your senator\u2019 push to bring this message to Congress. Stand with Crypto claims over 250,000 of its members have clicked the button to send a form letter to their respective senators.<\/p>\n<p>But banks have allies in the Senate, including Mike Rounds (R-SD), a senior member of the Banking Committee. This week, Rounds told\u00a0<a href=\"https:\/\/subscriber.politicopro.com\/article\/2025\/10\/key-republican-sides-with-banks-in-wall-streets-clash-with-crypto-firms-00598151\" target=\"_blank\" rel=\"noreferrer noopener\">Politico<\/a>\u00a0that operators like Coinbase appear to be taking \u201can end-run\u201d around GENIUS by offering these stablecoin rewards. \u201cSo I\u2019ve got concerns with that.\u201d<\/p>\n<p>Rounds didn\u2019t take a stand on whether the RFIA was the correct vehicle for addressing this end-run, rhetorically asking \u201cdo you allow Treasury to write the rules or do you try to do it statutorily? I don\u2019t have an answer to that yet, I\u2019m open.\u201d<\/p>\n<p>Another Banking Committee member, Sen. Kevin Cramer (R-ND), said he was \u201csomewhat sympathetic\u201d to the banks\u2019 concerns, but said he wouldn\u2019t \u201clet that be the end-all, be all.\u201d He did say \u201cwe have to deal with that yield-bearing issue a little more, refine it some way.\u201d<\/p>\n<p><em><a href=\"http:\/\/coingeek.com\/#top\">Back to the top \u2191<\/a><\/em><\/p>\n<p id=\"Coinbase\"><strong>Coinbase limits rewards, gets New York staking okay, preps Base token<\/strong><\/p>\n<p>Coinbase makes\u00a0<a href=\"https:\/\/coingeek.com\/coinbase-q2-saved-by-usdc-as-transaction-volume-plunges\/\" target=\"_blank\" rel=\"noreferrer noopener\">a significant chunk of its revenue<\/a>\u00a0from USDC, the stablecoin issued by\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/circle\/\" target=\"_blank\" rel=\"noreferrer noopener\">Circle<\/a>\u00a0(<a href=\"https:\/\/finance.yahoo.com\/quote\/CRCL\/\" target=\"_blank\" rel=\"noreferrer noopener\">NASDAQ: CRCL<\/a>), in which Coinbase\u00a0<a href=\"https:\/\/coingeek.com\/house-committee-okays-stable-circle-deal-with-coinbase-devil\/#Does-Coinbase-have-nude-photos-of-Circle-execs?\" target=\"_blank\" rel=\"noreferrer noopener\">holds significant equity<\/a>. But Coinbase\u00a0<a href=\"https:\/\/x.com\/mikulaja\/status\/1975996275796693037\" target=\"_blank\" rel=\"noreferrer noopener\">informed customers<\/a>\u00a0this week that USDC rewards would now be paid exclusively to members of Coinbase One, its subscription service that carries a $50 annual fee for its \u2018Basic\u2019 plan.<\/p>\n<div>\n<p>Speaking of rewards, on October 8, Coinbase\u00a0<a href=\"https:\/\/x.com\/coinbase\/status\/1975902554413502584\" target=\"_blank\" rel=\"noreferrer noopener\">announced<\/a>\u00a0that its crypto (<a href=\"https:\/\/coingeek.com\/ethereum-co-founders-knew-eth-was-a-security-from-the-get-go-insider-says\/\" target=\"_blank\" rel=\"noreferrer noopener\">ETH<\/a>,\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/solana\/\" target=\"_blank\" rel=\"noreferrer noopener\">SOL<\/a>\u00a0and other tokens) staking program is now available to residents of New York State. Coinbase praised the administration of Gov. Kathy Hochul for \u201cembracing progress and providing clarity\u201d and all that other crypto good stuff.<\/p>\n<p>Coincidental or not, Coinbase\u2019s good fortune came just 10 days after Hochul <a href=\"https:\/\/www.dfs.ny.gov\/reports_and_publications\/press_releases\/pr202509291\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">announced<\/a> that Adrienne Harris, superintendent of the New York Department of Financial Services (NYDFS) for\u00a0<a href=\"https:\/\/coingeek.com\/digital-currency-friendly-adrienne-harris-confirmed-as-nydfs-new-chief\/\" target=\"_blank\" rel=\"noreferrer noopener\">the past four years<\/a>, had \u201cdecided to leave\u201d her post. Hochul said she\u2019ll appoint Kaitlin Asrow as acting superintendent effective October 18.\n<\/p>\n<\/div>\n<p>Harris\u2019s tenure was noted for the strict attention to detail the NYDFS paid towards all things crypto and the companies fortunate enough to have been awarded a\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/bitlicense\/\" target=\"_blank\" rel=\"noreferrer noopener\">BitLicense<\/a>. That included Coinbase, which the NYDFS hit with\u00a0<a href=\"https:\/\/coingeek.com\/coinbase-pays-100m-to-atone-for-shoddy-aml-kyc-compliance\/\" target=\"_blank\" rel=\"noreferrer noopener\">a $100 million penalty<\/a>\u00a0in January 2023 after uncovering \u201cwide-ranging and long-standing failures\u201d in the company\u2019s anti-money laundering, \u2018know your customer\u2019 due diligence, and suspicious activity reporting systems.<\/p>\n<p>At any rate, the NYDFS approval leaves just four U.S. states (California, New Jersey, Maryland and Wisconsin) in which Coinbase\u2019s staking programs are legally unwelcome.<\/p>\n<p>Clearly feeling its oats, Coinbase\u00a0<a href=\"https:\/\/x.com\/coinbase\/status\/1975948467798466800\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">announced<\/a>\u00a0this week that all\u00a0<a href=\"https:\/\/coingeek.com\/2024-memecoin-surge-is-proof-positive-that-crypto-is-dead\/\" target=\"_blank\" rel=\"noreferrer noopener\">memecoins<\/a>\u00a0currently issued on its\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/ethereum\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ethereum<\/a>\u00a0\u2018Layer-2\u2019 network\u00a0<a href=\"https:\/\/coingeek.com\/coinbase-plots-everything-app-exchange-as-base-wobbles\/#Ethereum\" target=\"_blank\" rel=\"noreferrer noopener\">Base<\/a>\u00a0would now be available for trading on Coinbase. For the record, there is a near infinite number of worthless memecoins on Base, and Coinbase has become\u00a0<a href=\"https:\/\/coingeek.com\/coinbase-rolls-in-dough-as-memecoins-boost-trading-volume\/\" target=\"_blank\" rel=\"noreferrer noopener\">addicted to the revenue<\/a>\u00a0generated from trading these\u00a0<a href=\"https:\/\/coingeek.com\/coinbase-crypto-tokens-arent-securities-theyre-digital-beanie-babies\/\" target=\"_blank\" rel=\"noreferrer noopener\">digital Beanie Babies<\/a>.<\/p>\n<p>There will soon be one more Base token up for grabs, only this one will be issued by the network itself. After two years of teasing a Base-native token, Base developer Jesse Pollak\u00a0<a href=\"https:\/\/x.com\/jessepollak\/status\/1973707959910944902\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">tweeted<\/a>\u00a0a request for feedback on \u201cour exploration of a @base token.\u201d Pollak qualified that a token launch is \u201cdefinitely not going to happen in 2025,\u201d but the company has\u00a0<a href=\"https:\/\/boards.greenhouse.io\/embed\/job_app?token=7308286&#038;for=basejobs\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">posted a job opening<\/a>\u00a0for a \u201ctoken governance research specialist.\u201d<\/p>\n<p><em><a href=\"http:\/\/coingeek.com\/#top\">Back to the top \u2191<\/a><\/em><\/p>\n<p id=\"Metamask-Polymarket\"><strong>Prediction market free ride annoying state gaming regulators<\/strong><\/p>\n<p>Also mulling a bespoke token is the prediction market platform\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/polymarket\/\" target=\"_blank\" rel=\"noreferrer noopener\">Polymarket<\/a>. On October 8, CEO Shayne Coplan\u2014who became\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-10-08\/robinhood-hood-founders-join-top-billionaires-amid-crypto-trading-comeback\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">the youngest self-made billionaire<\/a>\u00a0following this week\u2019s\u00a0<a href=\"https:\/\/coingeek.com\/btc-hits-record-high-on-etf-inflows-us-dollar-decline\/#NYSE\" target=\"_blank\" rel=\"noreferrer noopener\">$2 billion investment<\/a>\u00a0in Polymarket by the parent company of the New York Stock Exchange\u2014<a href=\"https:\/\/x.com\/shayne_coplan\/status\/1975994093529690405\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">tweeted<\/a>\u00a0a list of prominent tokens followed by \u201c$POLY\u201d and a quizzical emoji.\u00a0<\/p>\n<p>As Polymarket preps its\u00a0<a href=\"https:\/\/coingeek.com\/trump-linked-abtc-soars-then-tanks-justin-sun-v-wlf-drama\/#CFTC-welcomes-Polymarket,-outgoing-commish-issues-warning\" target=\"_blank\" rel=\"noreferrer noopener\">triumphant return to the U.S. market<\/a>\u00a0after a four-year absence, it\u2019s striking partnerships that will bring its pseudo-betting products to an even wider audience. On October 8, the\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/metamask\/\" target=\"_blank\" rel=\"noreferrer noopener\">MetaMask<\/a>\u00a0digital wallet\u00a0<a href=\"https:\/\/metamask.io\/news\/metamask-expands-trading-with-perpetual-futures-and-rewards-confirms-token\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">announced<\/a>\u00a0that it was \u201cthe first wallet to natively integrate Prediction Markets through an exclusive partnership with Polymarket.\u201d<\/p>\n<p>The integration will happen \u201clater this year, in permitted regions,\u201d and will allow MetaMask users to \u201ctrade across a wide range of verticals, including sports, crypto, and politics,\u201d all without having to leave the MetaMask platform.<\/p>\n<p>The inclusion of \u2018sports\u2019 in that mix isn\u2019t sitting well with many traditional U.S.-licensed sports betting operators, including some of the most well-known American casino operators. Polymarket rival Kalshi, for example, offers sports \u2018markets\u2019 to customers in all 50 states, despite online betting being illegal in 20 of those states.<\/p>\n<p>Earlier this year, Nevada gaming regulators issued a cease-and-desist order against Kalshi, which is licensed by the Commodity Futures Trading Commission (CFTC), for offering bets to state residents without a gaming license.<\/p>\n<p>But in April, U.S. District Judge Andrew Gordon\u00a0<a href=\"https:\/\/www.reviewjournal.com\/business\/casinos-gaming\/judge-rules-against-gaming-regulators-on-sports-event-contracts-3350368\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">granted Kalshi a preliminary injunction<\/a>\u00a0against this order. Gordon ruled that Congress had granted the CFTC \u201cexclusive jurisdiction\u201d over contracts traded on what the CFTC calls \u2018designated contract markets.\u2019 As such, Nevada\u2019s state-level regulatory agencies \u201ccannot pursue civil or criminal liability against Kalshi for offering those contracts.\u201d<\/p>\n<p>Nevada has appealed the order and the matter will be addressed in court next month. Regulators in half a dozen other states have filed their own C&#038;Ds against Kalshi, some of which have gone the state\u2019s way, others in Kalshi\u2019s favor, while others are pending.<\/p>\n<p>Last week saw Judge Gordon\u00a0<a href=\"https:\/\/www.reviewjournal.com\/business\/casinos-gaming\/control-board-member-assad-to-kalshi-the-gig-is-up-3483186\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">deny a similar preliminary injunction<\/a>\u00a0sought by the digital asset exchange\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/crypto-com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Crypto.com<\/a>, which in September\u00a0<a href=\"https:\/\/crypto.com\/en\/company-news\/underdog-crypto-com\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">partnered with fantasy sports\/gaming operator Underdog Sports<\/a>\u00a0to offer prediction markets via the exchange.<\/p>\n<p>Gordon determined (according to gaming lawyer\u00a0<a href=\"https:\/\/x.com\/WALLACHLEGAL\/status\/1975188832913064310\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Daniel Wallach<\/a>) that, unlike Kalshi\u2019s offering,\u00a0Crypto.com\u2019s sports markets were based on the \u2018outcomes\u2019 of sporting events rather than the \u2018occurrence\u2019 or \u2018non-occurrence\u2019 of a result. As such,\u00a0<br \/>Crypto.com\u2019s markets don\u2019t qualify as \u2018swaps\u2019 under the Commodity Exchange Act, and the Nevada regulators have the authority to prohibit their availability.<\/p>\n<p>This distinction is as clear as mud to many, making these cases a dead certainty for appeals up the federal court food chain. But the CFTC\u2019s willingness to allow its licensees to run riot in states in which online betting is only allowed by state-approved sportsbooks isn\u2019t sitting well with some U.S. senators, who are asking acting CFTC chair Caroline Pham to explain what the hell is going on.<\/p>\n<p>In\u00a0<a href=\"https:\/\/www.cortezmasto.senate.gov\/wp-content\/uploads\/2025\/10\/2025-September-30-Cortez-Masto-Curtis-CFTC-Letter-Sports-Gaming-FINAL-SIGNED.pdf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">a September 30 letter<\/a>\u00a0to Pham, seven senators, including all four members of Nevada\u2019s and California\u2019s senatorial delegations, expressed their concern that the CFTC is \u201cimplicitly permitting sports gaming products that are regulated by states and tribes, not the CFTC.\u201d<\/p>\n<p>The senators called out the CFTC\u2019s \u201cunwillingness to stop\u201d these prediction markets marketing their wares to customers in all 50 states, which they claim \u201ccontradicts both the letter and the intent\u201d of the laws giving states and tribes authority over sports betting. The letter asks Pham to submit her response by October 30.<\/p>\n<p><em><a href=\"http:\/\/coingeek.com\/#top\">Back to the top \u2191<\/a><\/em><\/p>\n<p id=\"North-Dakota-bank\"><strong>North Dakota joins state-issued stablecoin parade<\/strong><\/p>\n<p>Finally, on October 8, U.S. fintech firm Fiserv (<a href=\"https:\/\/ca.finance.yahoo.com\/quote\/FI\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">NASDAQ: FI<\/a>)\u00a0<a href=\"https:\/\/investors.fiserv.com\/newsroom\/detail\/2868\/bank-of-north-dakota-and-fiserv-partner-to-launch-roughrider-coin-north-dakotas-first-stablecoin\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">announced<\/a>\u00a0a partnership with the Bank of North Dakota to issue Roughrider coin, the state\u2019s first stablecoin, at some point next year. The dollar-denominated Roughrider will launch on Fiserv\u2019s Solana-based stablecoin-issuing platform, which the company\u00a0<a href=\"https:\/\/coingeek.com\/fiserv-stablecoin-platform-congress-stable-plans-unclear\/#Fiserv\" target=\"_blank\" rel=\"noreferrer noopener\">previewed in June<\/a>\u00a0alongside its own FIUSD stablecoin.<\/p>\n<p>The Roughrider token\u2019s name is intended as a tribute to Theodore \u2018Teddy\u2019 Roosevelt, who, before becoming America\u2019s 26th president, led\u00a0<a href=\"https:\/\/en.wikipedia.org\/wiki\/Rough_Riders\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">a military unit of the same name<\/a>\u00a0in the Spanish-American War. In 1884, Roosevelt moved to what was then known as the Dakota Territory after hunting bison, although he left the state several years later after a severe winter killed all his cattle. (Pick which omens ye may from this rich menu.)<\/p>\n<p>The token\u2019s launch is intended to \u201cincrease bank-to-bank transactions, encourage global money movement, and drive merchant adoption.\u201d Bank of North Dakota CEO Don Morgan said Roughrider reflects the bank\u2019s 106-year history in the state, \u201ccapitalizes on recent changes in federal law, and ensures the continued health, resilience, and relevancy of the North Dakota financial industry for its citizens.\u201d<\/p>\n<p>The state\u2019s governor Kelly Armstrong was equally ebullient, saying the state was \u201ctaking a cutting-edge approach to creating a secure and efficient financial ecosystem for our citizens.\u201d<\/p>\n<p>The launch also got\u00a0<a href=\"https:\/\/bnd.nd.gov\/industrial-commission-applauds-roughrider-stablecoin-announcement\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">a shout-out<\/a>\u00a0from the North Dakota Industrial Commission, the government agency that oversees the bank\u2019s operations. The Commission believes Roughrider will improve \u201cefficiency and quality control in the banking sector, a direct benefit for our residents.\u201d<\/p>\n<p>North Dakota follows in the footsteps of Wyoming, which\u00a0<a href=\"https:\/\/coingeek.com\/china-eyes-stablecoins-to-boost-yuan-internationalization\/#Wyoming%E2%80%99s-stablecoin-is-go\" target=\"_blank\" rel=\"noreferrer noopener\">launched its Frontier Stable Token<\/a>\u00a0(FRNT) in August via a partnership with LayerZero, the omnichain interoperability protocol and the state\u2019s \u2018token issuance partner.\u2019 Originally deployed on seven different blockchains, the Wyoming Stable Token Commission\u00a0<a href=\"https:\/\/hedera.com\/blog\/hedera-selected-for-wyomings-frontier-stable-token-frnt-the-first-u-s-state-issued-stable-token\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">announced<\/a>\u00a0last month that FRNT would soon be available on the\u00a0<a href=\"https:\/\/coingeek.com\/news\/tag\/hedera\/\" target=\"_blank\" rel=\"noreferrer noopener\">Hedera<\/a>\u00a0public network.<\/p>\n<p><em><a href=\"http:\/\/coingeek.com\/#top\">Back to the top \u2191<\/a><\/em><\/p>\n<p>Watch: Bitcoin and Entrepreneurship with Lex of Gopnikz and METADESK<\/p>\n<p><iframe src=\"https:\/\/www.youtube.com\/embed\/yfIaKDzybs0?si=V1Do3hA7fuxhEX1G&#038;controls=0\" frameborder=\"0\" allowfullscreen> title=&#8221;YouTube video player&#8221; frameborder=&#8221;0&#8243; allow=&#8221;accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share&#8221; referrerpolicy=&#8221;strict-origin-when-cross-origin&#8221; allowfullscreen><\/iframe><\/p>\n<div>\n<p><h3>Tagged:<\/h3>\n<\/p>\n<\/div><\/div>\n<p><a href=\"https:\/\/coingeek.com\/senate-dems-submit-crypto-market-structure-proposal-world-ends\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Steven Stradbrooke<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Homepage &gt; News &gt; Business &gt; Senate Dems submit crypto market structure proposal, world ends A market structure proposal by Senate Democrats has the crypto sector baying for blood, while state gaming regulators are spoiling for a fight over prediction markets horning in on their sports betting turf. Market structure hope abides despite gov\u2019t shutdown<\/p>\n","protected":false},"author":1,"featured_media":876724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22721,37641],"tags":[],"class_list":{"0":"post-876723","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-senate","8":"category-submit"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/876723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=876723"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/876723\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/876724"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=876723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=876723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=876723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}