The Commodity Futures Trading Commission has filed lawsuits against New York, Connecticut, Arizona and Illinois over their application of state gambling laws to prediction markets.
The legal action comes amid an escalating dispute between regulators and platforms such as Kalshi, as both sides contest who has authority over these “prediction” services. Several other states have also issued cease-and-desist orders or pursued legal action against similar platforms.
Meanwhile, Strategy acquired more than 56,000 Bitcoin, with one of its late-April purchases financed through a $250 million sale of common stock.
In France, prosecutors charged 88 individuals linked to so-called “wrench attacks,” involving attempts to extort cryptocurrency from investors through violence.
April by the numbers
On April 24, the CFTC sued New York in an effort to block enforcement of state-level gambling laws against prediction markets like Kalshi and Polymarket.
New York has joined Connecticut, Arizona and Illinois among states facing federal action as regulators assert the authority of the Commodity Futures Trading Commission over prediction markets.
Across the US, states have been moving to curb these platforms—including offerings from Kalshi, Coinbase and Robinhood—arguing they function like sportsbooks and should fall under gambling laws. In contrast, the platforms maintain they offer swap-like contracts that are exclusively regulated by the CFTC.
A state appellate court in New Jersey has sided with the CFTC’s interpretation, while a similar case in Nevada could reach a different outcome—potentially setting the stage for review by the US Supreme Court.
Strategy ramps up Bitcoin holdings
Strategy, led by Michael Saylor, purchased 56,325 Bitcoin in April, further cementing its role as a major corporate holder of the asset.
Strategy purchased 3,273 Bitcoin—worth about $249 million—on Monday using proceeds from the sale of its common stock (MSTR). According to a filing with the US Securities and Exchange Commission, the company sold 1,451,601 Class A shares to fund the acquisition.
Its perpetual preferred stock, STRC, did not raise any capital in that filing, though the firm has increasingly leaned on the short-duration, high-yield instrument to finance its Bitcoin purchases.
Following a weaker March—when its BTC holdings briefly dipped into losses—Strategy’s position has rebounded slightly, showing nearly a 1% gain as of Tuesday.
Tokenized assets hit new milestone
Globally, tokenized real-world assets (RWAs) crossed a major threshold in April, with total distributed asset value surpassing $30 billion for the first time.
A report by Chainalysis found that institutions exploring tokenized real-world assets (RWAs) are moving beyond pilot stages and increasingly viewing onchain infrastructure as a viable, practical solution.
The growing participation of institutional players and rising liquidity have also made RWA market behavior more closely resemble traditional finance, with trading patterns responding to macro signals such as inflation trends and geopolitical risks.
Five “wrench attacks” were reported in April, as France prosecutors charged 88 suspects.
The wave of physical attacks targeting crypto holders persists, with five incidents recorded during the month—four in France and one in England—according to data compiled by Jameson Lopp.
Rising visibility of crypto traders and executives has been linked to a surge in kidnappings and ransom-driven “wrench attacks” targeting high-profile figures in the industry.
In France alone, there have reportedly been 47 such incidents this year. An executive from Ledger attributed the trend in part to regulations requiring entrepreneurs to publicly register their names and addresses.
Authorities have stepped up enforcement. On April 24, the National Organized Crime Prosecutor’s Office announced charges against 88 suspects across 12 federal districts.
In response, crypto executives are increasing spending on personal security, while specialized insurers are rolling out kidnap-and-ransom coverage to meet growing demand.
US states target crypto kiosks
Meanwhile, some US states are tightening restrictions on crypto ATMs and kiosks over concerns about scams and money laundering. In April, Tennessee became the second state to impose an outright ban.
On April 13, Governor Bill Lee signed House Bill 2505 into law, classifying the installation of cryptocurrency kiosks as a Class A misdemeanor.
According to Coin ATM Radar, there are about 560 crypto ATMs operating in Tennessee. Operators and host businesses must remove them by July 1 or face penalties of up to 11 months and 29 days in jail, along with a $2,500 fine.
Indiana implemented a similar ban last month, while other states have introduced stricter licensing rules and oversight. Vermont has imposed a moratorium on crypto kiosks, and several cities have enacted their own municipal bans.
Advocacy groups like the American Association of Retired Persons have pushed for tighter regulations, citing the growing use of crypto kiosks in scams that disproportionately target older adults.
