Technology
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Technology
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Prediction markets’ regulation draws closer to Supreme Court |
Prediction markets have arrived at the Supreme Court’s doorstep.
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Erin Hooley, Associated Press file
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New Jersey this past week urged the justices to settle how prediction markets should be regulated, and a split among the nation’s appeals courts is increasing expectations that they may be inclined to get involved.
The Trump administration is trying to push states out, hoping to keep prediction markets under federal control. Leading platforms like Kalshi and Polymarket agree.
But a bipartisan group of states wants to be the overseers. They say the new platforms are no different from regular gambling, which they regulate with broad control.
“It’s not just blue states or Democrats who are being opposed by the Trump administration. It’s really a states’ issue,” said Dylan Hedtler-Gaudette, acting vice president of policy and government affairs at the Project on Government Oversight.
As trading volume on prediction markets explodes, it has created a massive battle among casino industry players, states, Native American tribes and federal regulators.
New Jersey has now teed up the issue for the Supreme Court for the first time after the U.S. Court of Appeals for the 3rd Circuit, in a 2-1 vote, blocked the state from enforcing its sports gambling laws against Kalshi, finding it was likely under the control of the federal Commodity Futures Trading Commission (CFTC).
Breaking with the appeals panel in New Jersey’s case, the U.S. Court of Appeals for the 9th Circuit sided last week with Nevada regulators. It ruled the state can regulate Kalshi’s sports contracts.
The Hill's Zach Schonfeld has the full report.
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Welcome to The Hill’s Technology newsletter, we’re Julia Shapero and Miranda Nazzaro — tracking the latest moves from Capitol Hill to Silicon Valley.
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How policy will be impacting the tech sector now and in the future:
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Americans don’t agree on much. Backlash to Big Tech might be the outlier
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Big Tech is facing some of its fiercest resistance yet from Americans finding common ground, a rarity in today’s politically polarized environment, over the technology industry’s growing footprint across the country. From protests over data centers and AI-powered surveillance cameras to landmark verdicts against social media platforms, backlash against Big Tech is reaching a fever pitch in both political parties. …
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China’s Huawei Technologies faces racketeering trial in New York
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NEW YORK (AP) — Huawei Technologies, a leading Chinese tech company, faces a criminal racketeering trial in New York over charges that it stole technology, plotted to steal U.S. trade secrets and committed wire and bank fraud, among other crimes. Jury selection began Tuesday afternoon. Opening statements weren’t expected to occur until Wednesday, at the earliest. The indictment alleges that, besides stealing trade secrets, …
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Prize-winning mathematician launches AI safety institute
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A prize-winning mathematician has launched a new institute dedicated to developing the “mathematical foundations” for AI safety. Jacob Tsimerman, who won the prestigious Fields Medal earlier this year and will soon join OpenAI’s research team, is heading up the newly created Mathematical AI Safety Institute (MAISI). The institute aims to develop “definitions, measurements, and solution concepts” to support AI safety efforts, …
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Nathan Fielder reveals surprise documentary on Elizabeth Holmes
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Comedian and satirist Nathan Fielder is preparing to publish a documentary on Elizabeth Holmes, the former business executive convicted of defrauding investors in connection with health technology company Theranos. A trailer for the film, titled “You Can See Everything,” shows Holmes and Fielder seated close to one another locked in eye contact as she tells him she is not trying to “deceive” him. The …
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News we’ve flagged from the intersection of tech and other topics:
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- Meta pushes into personal AI agents as company faces public reckoning over privacy, safety (CNBC)
- OpenAI says it cracked one of math's 'millennium problems' (The New York Times)
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Hunter Biden to launch crypto meme coin
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Jae C. Hong, Associated Press
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Hunter Biden, son of former President Biden, announced Monday that he’s debuting a meme coin, traded under the ticker $LAPTOP, in reference to the political controversy that has swarmed him since 2020 over his personal laptop.
Hunter Biden teased the launch, first reported by The Wall Street Journal, with a video that compiled clips of news outlets and politicians referencing the laptop.
$LAPTOP will launch on the crypto exchange Base, a global platform built by Coinbase, on Sept. 9.
Meme coins do not carry any intrinsic value, but they often surge in price because of social media hype around their launch. Other politicians and celebrities have launched their own coins, including President Trump and first lady Melania Trump. Both surged in value when launched before eventually crashing.
The 1 billion tokens issued of $LAPTOP will go to its founders, including Biden; crypto wallets whose owners lost money on the president’s meme coin; subscribers to Biden’s Substack; and people on a mailing list curated by a friend of Biden’s, Andrew Callaghan, according to the Journal.
The Hill's Helen Huskies has the full report.
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Crypto Corner is a daily feature focused on digital currency and its outlook in Washington.
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Branch out with other reads on The Hill:
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It’s not just Flock. These cameras, ALPRs may also be in your community
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(NEXSTAR) – Backlash to Flock cameras has been growing in recent months, but the surveillance equipment company isn’t the only one that may be operating in your neighborhood. Flock Safety may be the best-known modern creator of these types of license plate readers, which collect data as they record passing traffic. Flock’s prominence is likely tied to its massive footprint – the company says it partners with …
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