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32nd Annual White House Correspondents' Weekend Garden Brunch
Shayne Coplan at the 32nd Annual White House Correspondents’ Weekend Garden Brunch (Paul Morigi/Getty Images)
𝕏 marks the betting spot

Prediction platform Polymarket partnering with social network X

The crypto-based platform allows people to wager on real-world events like sports, elections, and even who will be the next pope.

Sage D. Young

Prediction market platform Polymarket and social network X are linking arms. On Friday, X announced Polymarket as its official prediction market partner.

Polymarket allows users to wager on real-world events like political elections, sport matches, and even the next pope using crypto. 

Now, the two applications are launching a joint product that integrates prediction market probabilities with analysis from AI chatbot Grok and data from X to provide insights to Polymarket users, according to a statement from Polymarket CEO Shayne Coplan in a press release. 

“We look forward to enhancing X and Polymarket users’ ability to make instant sense of breaking news and make informed decisions about the future as we continue to scale our platform,” Coplan said. 

Polymarket is built on the polygon blockchain and has seen over $5 billion in volume year to date, data from The Block shows. So far in June, Polymarket has seen over 73,700 active users. The prediction market app gained steam during the November 2024 election, which saw the platform reach an all-time high in monthly betting volume at over $2.6 billion.

“The next information age won’t be driven by the 20th century’s media monoliths — it’ll be driven by markets,” Polymarket posted on X. “Our partnership with @X marks a new chapter for truth on the internet. The future of news is optimized for truth, rooted in transparency, and anchored in reality.”

“We are pleased to partner with Polymarket and look forward to bringing our data and technology to Polymarket users through a range of creative product integrations,” Linda Yaccarino, CEO of X, said in the press release.

Last year, Polymarket raised $45 million in a series B funding round led by Peter Thiel’s Founders Fund, with participation from ethereum creator Vitalik Buterin and Dragonfly Capital, CoinDesk reported.

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Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter. 

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows. 

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

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The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

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SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework. 

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

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