Can Sports Betting Prediction Markets Pass the ‘Economic Purpose’ Test?

CoinDesk hosts Rebecca Rettig and Renato Mariotti open on the record-breaking SpaceX IPO, then turn to Terry Duffy's exit from CME and the exchange's threatened lawsuit against the CFTC over whether perpetuals are swaps or futures. Their guest is Dan Berkovitz, former Commissioner of the CFTC and former General Counsel of the SEC, now at Millennium Management, who brings a rare both-agencies vantage point to the push for SEC–CFTC harmonization, the swaps-versus-futures fight over perps, and the "economic purpose" test he argues sports-betting prediction markets cannot meet. - Check out CoinDesk's latest episode of Public Keys from the NYSE: https://www.youtube.com/watch?v=75LrBmSScvY&list=PLZWrc_gWChqnim-9ZbIKZTOrPA7IgFKVR&pp=sAgC - Register now for CoinDesk’s Policy and Regulation event on September 22, 2026: https://policy-regulation.coindesk.com/. - Timecodes: 00:00 The Role of CFTC 00:25 Welcome to The Policy Protocol 00:44 The Record SpaceX IPO and Retail Demand 01:41 Synthetic SpaceX Perps on Hyperliquid 03:40 Terry Duffy Exits CME and Sues the CFTC 06:07 Dan Berkovitz Joins the Show 06:44 Can the SEC and CFTC Harmonize? 08:29 Are Perpetuals Swaps or Futures? 09:11 Prediction Markets and the 'Economic Purpose' Test 11:07 The ErisX Sports Betting Precedent 13:07 The Hurricane Hedging Counterargument 15:02 Why Crypto Couldn't 'Come In and Register' Before 17:28 Gary Gensler Is Back 20:27 Person of the Week: Jamie McDonald

Arthur Hayes on his HYPE position, AI bubble, and the new Fed Chair. On today's Markets Outlook, BitMEX Co-Founder and Maelstrom CIO Arthur Hayes tells CoinDesk's Jennifer Sanasie why all roads still lead to money printing, how long the AI bubble has left, and why he has zero regrets about publicly selling his HYPE position. Plus, his reaction to Michael Saylor's Bitcoin stress test. - Timecodes: 00:00 - Arthur Hayes Joins Markets Outlook 01:30 - Arthur’s Reaction to Michael Saylor News and Strategy Business Model 02:59 - When Does the AI Bubble Burst? 03:56 - New Fed Chair Warsh's Task Forces & What It Really Means 06:58 - Uniswap & Standard Chartered's $100 Price Target 08:06 - Responding to the HYPE Selloff Drama 09:24 - HYPE vs. SOL: Which Wins? - For more commentary from Arthur Hayes: IG - https://www.instagram.com/cryptohayes/ LinkedIn - https://www.linkedin.com/in/arthur-hayes-b493b42/ Substack - https://cryptohayes.substack.com/ Web: https://www.cryptohayes.com X - https://x.com/cryptohayes - Maelstrom Fund: LinkedIn: ⁠https://www.linkedin.com/company/maelstromfund ⁠ Web - ⁠https://www.maelstrom.fund ⁠ X - ⁠https://x.com/maelstromfund ⁠ - Check out CoinDesk's latest episode of Public Keys from the NYSE: https://youtu.be/75LrBmSScvY - To get marketing moving news delivered daily, download CoinDesk’s mobile app: https://linktr.ee/coindeskapp. - This episode was hosted by Jennifer Sanasie.

CME CEO says they will sue the CFTC. CME CEO Terrence Duffy says the exchange will sue the CFTC, arguing the regulator's approval of Kalshi's perpetual futures violates the Dodd-Frank Act by treating what are really swaps as futures. CoinDesk's Jennifer Sanasie hosts "CoinDesk Daily." - This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and edited by Victor Chen.

Kevin Warsh's first FOMC presser. The Federal Reserve is expected to hold rates steady at Kevin Warsh's first meeting as chair, leaving markets to parse the dot plot and his press conference for clues on the path ahead. If Warsh signals a more dovish stance than markets are pricing, bitcoin could react positively. CoinDesk's Jennifer Sanasie hosts "CoinDesk Daily." - This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and edited by Victor Chen.

Ricardo Salinas calls fiat a "fraud." And, will he run for office in Mexico? Ricardo Salinas, founder and president of Grupo Salinas, joins CoinDesk's Jennifer Sanasie and Ollie Acuna for a wide-ranging conversation on Bitcoin, fiat debasement, and the future of Mexico. Plus, insights into U.S.–Mexico remittances and his potential 2030 run for presidency. - Timecodes: 00:00 Ricardo Salinas Joins CoinDesk 00:50 Money Talk at the Family Table 02:11 Discovering Bitcoin in 2013 03:52 Does Bitcoin Beat Gold and Silver? 06:11 Stablecoins Are the Same as Bank Deposits 07:37 The Gold Bugs in the Salinas Family 11:17 No AI Bubble: Why Salinas Stays Out 12:54 The MicroStrategy STRC Recommendation 15:02 Inside the $500M Weekly Remittance Business 21:12 Mexico's 'Violent' Anti-Crypto Stance 24:53 The Mexican Government's Narco Problem 27:32 Salinas's 2030 Presidential Run? 30:21 The Anchorage Digital Stablecoin Partnership 34:46 Salinas's Bitcoin Price Outlook 40:19 Why Salinas Advised His Wife to Mortgage her Home for Bitcoin 41:55 A Message to Mexico

Inside BlackRock's newest bitcoin ETF, BITA. Global Head of Digital Assets at BlackRock, Robert Mitchnick breaks down the launch of the firm's newest bitcoin ETF, the Bitcoin Premium Income Fund (BITA). He tells CoinDesk’s Jennifer Sanasie why the covered call strategy targets a high-teens income yield, which investors this product appeals to, and more. - Timecodes: 00:00 - BlackRock’s BITA Opens for Trade 00:20 - Why BITA Is the Right Next Evolution for Bitcoin’s Funds 01:10 - Staking vs. Covered Call Yield 01:48 - Who Is the Target Investor? 02:36 - In What Market Could BITA Outperform IBIT? - This episode was hosted by Jennifer Sanasie.

BlackRock launches the BITA fund. BlackRock's Bitcoin Premium Income Fund, ticker BITA, begins trading today, holding spot bitcoin and IBIT shares while selling call options to generate monthly income. CoinDesk's Uyen Truong hosts "CoinDesk Daily." - This episode was hosted by Uyen Truong. “CoinDesk Daily” is produced by Jennifer Sanasie and edited by Victor Chen.

Crypto scams and how to protect yourself with Chainalysis' Eric Jardine. Eric Jardine, Head of Research at Chainalysis, joins Gen C to break down their latest crypto crime report and the staggering numbers of nearly $17 billion stolen in scams in 2025 alone. Eric explains how AI has changed the scam equation by allowing bad actors to hit massive scale without sacrificing quality, why the people executing scams in Southeast Asian compounds are often trafficking victims themselves, and why crypto's measurability is actually an argument in its favor and not against it. Links mentioned from the podcast: Chainalysis Website: https://www.chainalysis.com/ Crypto Crime Report: https://www.chainalysis.com/reports/crypto-crime-2026/ Timecodes: 0:00 Intro 0:40 Sam's intro: crypto crime by the numbers 1:44 Welcome Eric Jardine, Chainalysis 2:34 $17B+ stolen in crypto scams (2025) 2:55 Why are scams growing? Bull markets & victim pools 4:19 Impersonation scams up 1400% YoY 5:10 How impersonation scams work (IRS, Coinbase, deepfakes) 6:53 E-ZPass smishing — crypto settlement demands 8:24 Scam-as-a-service: $500 spoofed government websites 10:24 AI as a productivity boost for criminals 11:58 DPRK (Lazarus Group) vs. Southeast Asia scam compounds 13:57 Human trafficking & forced labor in scam operations 17:37 How to protect yourself 20:09 Jurisdictional challenges & enforcement gaps 21:45 Silk Road anniversary & crypto's illicit narrative 23:04 Is crypto actually worse than cash for crime? 25:13 Enforcement wins: 61K BTC recovered, $15B forfeiture 26:13 Closing Remarks - "Gen C" features host Sam Ewen. Executive produced by Uyen Truong.

Anthropic pulled the plug on its Mythos / Fable 5 model after the U.S. government raised concerns, and IREN has completed its acquisition of Nostrum for 490 MW of capacity in Spain. Welcome back to The Blockspace Podcast! Anthropic and Uncle Sam are trading blows again, with the frontier LLM company pulling its recently released Mythos / Fable 5 model after whistleblowers said the model’s guardrails were bypassed. Lygos Finance’s CEO Jay Patel joins us for his reaction to the news and the market rally with a reported, imminent peace deal coming for the Iran War this week. For other news, we cover IREN’s closing its acquisition of Nostrum, which will give it a 490 MW foothold in Spain for AI data center development, and the EPA’s stance that it won’t regulate AI data centers. Check out Dimetrics, the AI industry’s Bloomberg terminal. Track financial metrics and news for AI stocks, GPU rental prices, state-by-state data center pushback, and more with the compute industry’s most powerful dashboard. Subscribe to our newsletter to receive updates for all of our shows and content. 👉CleanSpark (Nasdaq: CLSK), a market-leading data center developer with a proven track record of success. 👉Luxor, Blockspace's preferred mining pool. Start hashing today with Luxor! 👉Lygos Finance, Borrow against your Bitcoin, without compromising on custody. Energy Investors Forum is coming to Dallas on July 23, bringing together executives, operators, fund managers and investors across AI infrastructure, energy markets, data centers and bitcoin mining. If you follow the business of power, compute and digital infrastructure, EIF is built to help you understand where these markets are heading and who is shaping them. BlockSpace listeners can get 30% off all tickets with code BSP30 at checkout. Register here: https://www.energyinvestorsforum.com/ Use code: BSP30

On this episode of Public Keys from the New York Stock Exchange, host Jennifer Sanasie is joined by GSR's Joshua Riezman on SpaceX's $1.29 billion Bitcoin bet and the outlook for the CLARITY Act; Citi's Artem Korenyuk on the bank's new platform for tokenizing private company shares; and Coinbase's Lincoln Murr on AI agent trading and the future of autonomous finance. Plus, Ponzi Trader's highest-conviction trade of the week on 10X, presented by Kraken Pro. - This episode of Public Keys is brought to you by Kraken Pro. For more: ⁠⁠⁠https://pro.kraken.com/⁠⁠⁠ - Learn more at ⁠https://www.bullish.com/⁠. - Register now for CoinDesk's Policy and Regulation event on September 24, 2026: ⁠https://policy-regulation.coindesk.com/⁠. - Timecodes: 00:00 Welcome to Public Keys 01:00 U.S.-Iran Deal Reopens Strait of Hormuz 01:28 SpaceX IPOs With $1.29B in Bitcoin 02:01 GSR's Joshua Riezman Joins Public Keys 03:23 Bitcoin's Corporate Treasury Era 04:47 AI vs. Crypto for Capital Flows 07:06 CLARITY Act: Now or Never 10:20 10X: Ponzi Trader’s Top Trade is XPL 12:04 Citi's Artem Korenyuk Joins Public Keys 13:29 Digital Depository Receipts Explained 16:13 Citi's Broader Tokenization Strategy 18:12 Investor Rights and Private Share Ownership 20:20 BTC and ETH ETF Flows 21:18 Coinbase Launches for Agents, Lincoln Murr Joins 23:03 AI Agent Safety and Coinbase Advisor 26:02 The Agentic Financial Future and x402 28:19 Fear & Greed Index Climbs to 20 - This episode was hosted by Jennifer Sanasie.