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Trump's eldest son is associated with Kalshi and Polymarket, raising concerns about conflicts of interest and information advantages

According to Fortune, the Trump family is accelerating its entry into the prediction market space, with the Trump Media Technology Group developing a prediction market platform called TruthPredict, allowing users to trade prediction contracts related to significant events. The company has also launched the Truth API, providing Wall Street with quick data access to Truth Social content. Additionally, Donald Trump Jr., the eldest son of Trump, currently serves as a strategic advisor to Kalshi, and his venture capital firm 1789 Capital has invested in competitor Polymarket and joined the advisory board of Polymarket. This means the Trump family is simultaneously associated with the two major prediction market platforms, while the Trump Media Group is building its own prediction market business.Although there is currently no public evidence showing that Donald Trump Jr. or the Trump family is trading on government insider information, the potential conflicts of interest arising from the intertwining of presidential public information, market trading, and family business interests are drawing external attention. Federal agencies are still investigating whether former White House teleprompter operator Gabriel Perez used advance knowledge of Trump's speech content to trade in related markets on Kalshi. The team of Donald Trump Jr. and the Trump Media Technology Group have yet to formally respond to requests for comments regarding insider trading related to the prediction market.

The CFTC warns that event contract markets have an obligation to display clear and accurate derivative pricing information

The U.S. Commodity Futures Trading Commission (CFTC) issued a notice reminding regulated entities involved in the listing, promotion, or acceptance of event contracts to ensure that consumers are provided with clear and accurate product pricing information, avoiding misleading market participants, including the obligation to display clear and accurate derivative pricing information.The CFTC's Market Oversight and Market Participants divisions stated that registered entities and relevant personnel must comply with regulatory requirements, ensuring that users fully understand the product attributes in the CFTC-regulated market, and strengthen the supervision of information disclosure by intermediaries, related parties, and partners. It was also specifically pointed out that displaying event contract prices using the common "American odds format" may mislead traders' understanding of the product nature and prevent users from fully obtaining key trading information such as market depth and price impact.The CFTC requires that market participants clearly show consumers that the products are event contracts on CFTC-regulated exchanges, and any misleading pricing display behavior related to regulated products may violate relevant provisions of U.S. federal law regarding the prohibition of manipulative trading practices.

Coinbase reaches a settlement with the U.S. SEC over the Freedom of Information Act lawsuit and promotes reforms in record-keeping policies

According to The Wall Street Journal, Coinbase Chief Legal Officer Paul Grewal stated that Coinbase has reached a settlement with the U.S. Securities and Exchange Commission regarding a Freedom of Information Act lawsuit, with the SEC agreeing to pay $150,000 and amend its record-keeping policies. The lawsuit revealed that the SEC lost nearly a year’s worth of communications from former Chairman Gary Gensler and other senior officials during the peak enforcement period in the cryptocurrency industry.Coinbase had previously requested documents from the SEC regarding how it applies securities laws to digital assets, but the request was denied, leading to a lawsuit that received court support. The SEC claimed that some text messages were lost due to an automatic data deletion process. Grewal pointed out that the SEC has imposed billions of dollars in fines on financial institutions for similar record-keeping issues.In February of this year, Coinbase also reached a settlement with the Federal Deposit Insurance Corporation regarding another Freedom of Information Act lawsuit. Coinbase stated that this lawsuit revealed that the FDIC had instructed nearly twenty banks to suspend cryptocurrency-related activities since 2022, which subsequently led to congressional hearings and resulted in a court ruling that the FDIC violated federal law.Grewal stated that both lawsuits revolve around government transparency and due process, emphasizing that the American public has the right to know whether regulatory agencies are restricting legitimate cryptocurrency businesses from accessing banking services through non-public means.

Ministry of Industry and Information Technology and three other departments: Strengthen the planning of internet technology innovation, promote the implementation of relevant national key research and development programs and major national science and technology projects

According to a report by Jinshi Data on July 13, the Ministry of Industry and Information Technology and three other departments issued guidance on promoting the high-quality development of internet infrastructure resources. It mentioned strengthening the planning of internet technology innovation, promoting the implementation of relevant national key research and development programs and major national science and technology projects, enhancing original technology innovation, and carrying out technical research on the integration of artificial intelligence, blockchain, distributed identifiers and internet infrastructure resources, breaking through key technologies such as network dynamic optimization, intelligent resource scheduling, and data security interaction. Strengthening the innovation of the IPv6 technology system to solve key issues such as protocol compatibility and high-performance transmission. Breaking through key technologies for satellite internet mega-constellation networking, rapid routing switching, and reliable anti-jamming transmission. Breaking through key technologies for the large-scale deployment and application of resource public key infrastructure.
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