The prediction market platform is reportedly exploring a public listing after surpassing $2 billion in annualized revenue as sports contracts face mounting legal scrutiny.

The US commodities watchdog has settled with Celsius founder Alex Mashinsky, ending the agency’s first-ever case against a crypto lending platform.

The lawsuit targets the federal regulator and Chair Michael Selig, alleging that the Commodity Futures Trading Commissioin is treating cryptocurrency “futures” as “swaps,” posing risks to derivatives markets.

Gambling industry groups want the US Senate to step in to clarify that the Commodity Futures Trading Commission does not have the authority to oversee prediction markets.

The collaboration comes as US state regulators and the CFTC battle over oversight of event-based contracts.

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The CFTC staff appointment came amid the US Congress seeking to overhaul federal financial regulators’ roles over digital assets with the CLARITY Act.

The offering follows Kraken's acquisition of Bitnomial and comes amid a broader push to bring crypto derivatives trading onshore.

New Mexico is the eighth state sued by the CFTC over prediction markets, as Gary Gensler doubted the regulators' claim of authority over sports event contracts.