A consortium of 37 European banks across 15 countries is backing the launch of a euro-denominated stablecoin named Qivalis, set to debut in the second half of the year. This initiative aims to reduce currency exposure for European corporates in cross-border payments and blockchain-based bond settlements, which are predominantly dollar-denominated. The move tests whether on-chain finance will default to euros or continue favoring the US dollar.
Polymarket, a decentralized prediction market platform, is probing a potential private key compromise of an internal top-up wallet on the Polygon network. Analysts have flagged suspicious outflows, raising concerns about the security of the platform. Despite the breach, the team assures that user funds remain safe.
The U.S. House Oversight Committee, led by Chairman James Comer, has initiated an investigation into potential insider trading activities on prediction markets Polymarket and Kalshi. The probe seeks internal records from the companies, amid concerns that government employees could be exploiting classified information for profit. This investigation highlights the regulatory scrutiny facing decentralized prediction markets.
A recent House subcommittee hearing revealed a divide among stakeholders over the modernization of the Bank Secrecy Act, originally enacted in 1970. Crypto and banking industry representatives argue for scaling back the law, while others support its expansion under recent amendments. The outcome of this debate could significantly impact anti-money laundering regulations in the crypto sector.