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Coinbase sues three US states to secure federal backing for predictions market

Coinbase has filed lawsuits against Michigan, Illinois, and Connecticut to secure federal backing for its prediction markets, challenging state authority over their classification. Coinbase argues these markets should be regulated by the CFTC, not state gambling laws, emphasizing they differ from traditional sportsbooks. The legal action aims to prevent states from independently determining legality, which could lead to restrictive national standards. This move follows similar legal challenges faced by other platforms like Kalshi.

Invezz·
US
COIN
-2.04%
US
CONL
-4.23%
HK
07311
+1.46%
Invezz·
US
COIN
-2.04%
US
CONL
-4.23%
HK
07311
+1.46%

Cathie Wood’s Ark Invest scoops up more Coinbase shares following crypto exchange’s ‘System Update’ event

Ark Invest purchased 17,386 Coinbase shares worth $4.2 million across three ETFs following Coinbase's 'System Update' event. The investment firm aims to maintain diversification by ensuring no holding exceeds 10% of a fund's portfolio. Coinbase's product expansion includes stocks, prediction markets, and more, which analysts believe could drive market engagement. Ark also bought 575,644 shares of Solmate Infrastructure for $1.4 million. Coinbase shares closed down 2% on Thursday but are up 3% in pre-market trading on Friday.

The Block·
US
COIN
-2.04%
US
CONL
-4.23%
HK
07311
+1.46%
The Block·
US
COIN
-2.04%
US
CONL
-4.23%
HK
07311
+1.46%

BUZZ-Crypto stocks gain after bitcoin, ether prices rise

Shares of cryptocurrency and blockchain-related companies rise premarket, tracking gains in digital assets such as bitcoin and etherBitcoin (BTC=) , the world’s biggest cryptocurrency, up 2.8% at $87,942.86; Ether (ETH=) up 4.3% at $2,950.32Crypto exchange Coinbase Globalrises 3%; blockchain farm operator Bitfarmsup 2.6%Crypto miners: Riot Platformsand MARA Holdingsgain more than 3%; Hut 8adds 4.8%; Bit Digitalup 6.4%BTC buyer Strategygains 3.8%iShares Bitcoin Trust ETFup 4%As of last close, BTC down 6.1% YTD; ETH down 11.8% YTD

Reuters·
US
RIOT
+3.24%
US
COIN
-2.04%
US
BTBT
+2.54%
Reuters·
US
RIOT
+3.24%
US
COIN
-2.04%
US
BTBT
+2.54%

FCG Investment Co Sells 4,761 Shares of International Business Machines Corporation $IBM

FCG Investment Co reduced its position in IBM by 51% in Q3, selling 4,761 shares. The firm's holdings in IBM were worth $1,292,000 at the end of the reporting period. Several other institutional investors also adjusted their positions in IBM. Analysts have given IBM a consensus rating of 'Moderate Buy' with an average price target of $293.38. IBM reported Q3 earnings of $2.65 per share, beating estimates, with revenue of $16.33 billion, up 9.1% year-over-year. The company announced a quarterly dividend of $1.68 per share, paid on December 10th.

Market Beat·
US
IBM
-0.95%
Market Beat·
US
IBM
-0.95%

Robinhood's Vlad Tenev Addresses Bernie Sanders' AI Concerns: Says This Is Why We Need To Give 'Retail Investors Exposure To Private AI Companies'

Robinhood CEO Vlad Tenev addresses Bernie Sanders' concerns about AI, advocating for retail investors' access to private AI companies. Tenev argues that economic exclusion fuels fears about AI, suggesting that giving retail investors stakes in AI firms could turn them into supporters. Robinhood plans to launch a fund for retail exposure to private AI companies, emphasizing the need for securities legislation to expand access. Robinhood shares rose 1.17% on Thursday.

benzinga_article·
US
HOOD
+1.17%
benzinga_article·
US
HOOD
+1.17%
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