Flash News

TREE NEWS update: New York Attorney General Letitia James and Governor Kathy Hochul filed a lawsuit seeking to ban Polymarket, alleging the prediction market operates without a license and exposes New Yorkers to gambling harms. The suit labels the platform an “illegal gambling operation.”

TREE NEWS update: In one of her final speeches as SEC commissioner, Hester Peirce called for ending the KYC “panopticon,” arguing that regulators’ “data haystacks” endanger the people they aim to protect. She pointed to recent KYC leaks that expose crypto holders to phishing and physical attacks. Peirce is set to leave the agency in the coming weeks.

TREE NEWS reports: The White House has asked OpenAI and Anthropic not to share their newest AI models with the UK government’s testing body until the US government completes its own testing. The request was described on condition of anonymity. No timeline for the US testing was given.

TREE NEWS reports: Washington may fund private stablecoin ventures abroad as part of an effort to protect the dollar’s reserve status and sustain demand for U.S. Treasuries. The plan would extend U.S. monetary influence by backing dollar-pegged issuers operating in foreign markets, though no specific program, budget or timeline was disclosed.

TREE NEWS update: SEC Commissioner Hester Peirce is urging the use of zero-knowledge proofs to reduce the amount of customer data collected under know-your-customer checks, and wants institutions to reuse identity verifications instead of repeatedly storing customer details. Her privacy proposals do not change existing compliance rules.

TREE NEWS update: Bitget has moved institutional client collateral into segregated accounts at Swiss bank Sygnum under an off-exchange custody arrangement, with balances mirrored back to the exchange for trading. Bitget is the fourth venue to join Sygnum’s Protect service, following Binance, Deribit and Bybit.

TREE NEWS update: The United States has filed an application with the EU General Court to intervene in Elon Musk’s legal challenge seeking to overturn a €120 million EU fine against X over online-rule breaches. The European Commission alleges X violated transparency requirements and misled users through the design of its verification program. Washington argues the Commission overstepped its regulatory authority by trying to control American companies.

TREE NEWS update: New York state filed a lawsuit against prediction market Polymarket, alleging it operates an illegal gambling business. The action by state lawmakers follows a similar July lawsuit against rival prediction market Kalshi, which also alleged the platform was running an illegal gambling operation.

TREE NEWS update: The Federal Reserve Board issued an enforcement action involving a former employee of Sandy Spring Bank, the central bank announced. The Board did not disclose the individual’s name, the nature of the misconduct or the terms of the action in its notice. No further details were immediately available.

TREE NEWS update: New York State has filed a lawsuit against Polymarket, accusing the prediction market platform of operating an illegal gambling business. The specific allegations and the remedies New York is seeking were not immediately disclosed. The action was announced on September 24.

TREE NEWS update: New York has filed a lawsuit against Polymarket, alleging the prediction-market platform is operating an illegal gambling business. The action makes New York the latest US jurisdiction to challenge Polymarket’s event-contract offerings. No further terms of the suit were disclosed.

TREE NEWS update: The International Monetary Fund will appoint Isabel Schnabel as Deputy Director of its Monetary and Capital Markets Department. The IMF announced the appointment, adding the European Central Bank executive board member to its ranks. No start date or further details were given.

TREE NEWS update: European Central Bank Executive Board member Isabel Schnabel is leaving the ECB to take up a new post at the International Monetary Fund. The ECB announced the departure, which opens a vacancy on its six-member Executive Board. No date for the transition was given.

TREE NEWS update: China has officially added equity-holding secondary bond funds and partial-debt hybrid funds — known as “fixed income plus” products — to the personal pension fund product catalogue, under a notice on including such funds in the scheme. The first batch of these funds to be included is expected to be published in the coming days.

TREE NEWS update: Ronald Spektor, 23, pleaded guilty to all 31 counts after prosecutors said he impersonated Coinbase and convinced about 100 users that a hacker was targeting their crypto, draining nearly $16 million. He now heads to prison.

TREE NEWS update: China’s central bank approved Shanghai Xingfutong Payment Co. to merge Dongfang Futong Payment Technology Co. and raise its registered capital to 300 million yuan, according to a public notice of major-change licenses for non-bank payment institutions dated Sept. 24. Dongfang Futong’s payment business will be terminated and its Payment Business License cancelled.

TREE NEWS update: The US International Trade Commission voted to investigate certain DRAM products made by Micron Technology and the server makers using those chips, following a complaint filed by Irvine, California-based memory supplier Netlist. Netlist alleges the companies violated US tariff law by importing and selling DRAM devices and products containing them that infringe its patents. Alongside Micron, the USITC said it will investigate server manufacturers Hewlett Packard Enterprise, Super Micro Computer and Lenovo Group.

TREE NEWS update: European Central Bank Executive Board member Isabel Schnabel will leave the ECB’s board ahead of schedule to take up a senior position at the International Monetary Fund. The ECB confirmed the move, which ends her term on the six-member executive board early. No date for her departure or the IMF role was given.

TREE NEWS update: Chinese Vice Minister of Commerce and Deputy International Trade Representative Ling Ji led a Chinese delegation in Beijing on September 23-24 for consultations with an EU team headed by Jorgensen, Director-General of the European Commission’s Directorate-General for Trade and Economic Security. The talks were held to prepare for the second meeting of the China-EU trade and investment consultation mechanism.