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This day in crypto, Polymarket’s competing prediction platform Kalshi secured $300 million to broaden its reach into 140 nations globally, Democratic Party senators faced backlash for suggesting a DeFi restriction list, and Roger Ver has allegedly struck a deal with the US Justice Department to bypass imprisonment concerning tax allegations.
Kalshi secures $300 million to broaden prediction markets to 140 nations
Prediction platform Kalshi, based in the United States, concluded another significant funding round to extend its services to more than 100 nations worldwide.
Kalshi finalized a Series D funding round exceeding $300 million, spearheaded by Sequoia Capital and Andreessen Horowitz (a16z), with participation from Paradigm, as announced by the company on Friday.
The platform is now readily accessible in over 140 nations, Kalshi mentioned in a statement provided to Cointelegraph, adding that it has now positioned itself as the “world’s sole unified global prediction market, instantly incorporating billions of new potential users.”
The recent funding of $300 million followed months after Kalshi finalized an earlier $185 million funding round in June, which was led by Paradigm and also included Sequoia.
Kalshi’s Series D funding elevated the firm’s valuation to $5 billion, an increase of $3 billion from its prior raise in June.
Alongside Sequoia, a16z and Paradigm, the new funding round attracted additional investors, such as CapitalG, Coinbase Ventures, General Catalyst, and Spark Capital.
Following a funding round that valued Kalshi at $5 billion, the platform also revealed its international growth with an immediate launch in various new markets.
“International users can now utilize the platform through the Kalshi website, providing an identical product experience to American users,” the company stated.
Criticism as Democrats propose “restricted list” for DeFi protocols
Although previously endorsing a crypto market structure bill, several Democratic Senators have allegedly proposed a countermeasure that could categorize decentralized finance protocols on a “restricted list” if considered excessively risky.
This action, among others they suggested, could “end DeFi,” according to its opponents.
The Senate Banking Committee Democrats submitted a proposal to the committee’s Republican members on Thursday aiming to enforce Know Your Customer rules on the front ends of crypto applications — including non-custodial wallets — and revoking protections from crypto developers, several industry analysts noted on Thursday, referencing a report from Punchbowl News.
Among those analysts was crypto attorney Jake Chervinsky, who stated the countermeasure could obliterate any prospects of establishing a crypto market structure framework, indicating that it might weaken the bipartisan backing that the CLARITY Act had already garnered in the House in July, where it passed 294-134.
“It’s extremely detrimental. It doesn’t regulate crypto; it prohibits crypto,” Chervinsky asserted, noting a proposed measure allowing the Treasury Department to formulate a “restricted list” for DeFi protocols deemed too perilous, branding it a crime for anyone to utilize them.
Blockchain Association CEO Summer Mersinger indicated that the proposal, if enforced, would render compliance impossible for industry participants and force local innovators to relocate offshore.
Roger Ver reaches tentative settlement with US DOJ regarding tax allegations: Report
Bitcoin supporter Roger Ver, recognized to many in the crypto sector as “Bitcoin Jesus,” has allegedly reached an agreement with the US Department of Justice that could enable him to circumvent prison time.
As per a New York Times report on Thursday, Ver’s legal team arrived at a tentative agreement with US authorities necessitating the Bitcoin (BTC) advocate to remit $48 million in taxes owed from his crypto assets. The Justice Department charged Ver with mail fraud and tax evasion in April 2024, seeking to extradite him from Spain to face trial.
The New York Times noted that Ver has connections with individuals affiliated with the administration of US President Donald Trump, including hiring lawyers who previously served the president. He purportedly paid $600,000 to political consultant Roger Stone, a Trump advisor, for lobbying changes to US tax regulations.
The reported settlement followed a series of regulatory and legal actions during the Trump administration that softened its approach to legal matters involving digital assets. At the time of publication, the tentative agreement was not visible on the public docket for Ver’s case in the US District Court for the Central District of California.
The preliminary indictment alleges that Ver inaccurately reported on tax documents related to his crypto possessions. He and two of his companies, MemoryDealers and Agilestar, reportedly held approximately 131,000 BTC in 2014. The DOJ stated he tried to elude tax obligations by renouncing his US citizenship and subsequently becoming a citizen of St. Kitts and Nevis.
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