A US Senate Commerce Committee hearing highlighted growing bipartisan concern that prediction-market "event contracts" closely resemble sports betting, with lawmakers questioning whether they should fall under federal derivatives regulation or state gambling laws. Witnesses from the gaming and prediction market industries debated oversight authority, while senators also raised concerns about sports integrity, addictive micro-betting formats, and the impact of widespread social media advertising.

Barney Frank, a former Massachusetts congressman known for his role in shaping financial regulation through the Dodd-Frank Act, has died at 86. Frank's tenure in Congress was marked by his leadership during the 2008 financial crisis and his efforts to champion consumer protection and financial stability.

Can a fully onchain perpetuals venue be brought under US regulation without losing what made it work? FIA President and CEO Walt Lukken joined Laura Shin on Unchained, alongside Chris Perkins of 250 Digital Asset Management, to think through Hyperliquid's three options and why the CFTC's principles-based framework may be the only US regime flexible enough to handle code with no entity behind it. Listen here

CME Group is set to launch Bitcoin Volatility futures on June 1, allowing traders to bet on Bitcoin's expected turbulence without taking a direct price view. The futures, settled to the CME CF Bitcoin Volatility Index, aim to provide a regulated tool for hedging and trading volatility, similar to the VIX in traditional markets. The success of the product will depend on its ability to attract significant trading volume and institutional participation.

The Options Clearing Corporation (OCC) has formalized an agreement to clear and settle products from Miami International Holdings' MIAX Futures Exchange. This collaboration covers recently launched contracts, such as the Bloomberg equity index futures, and marks MIAX Futures as the fifth MIAX exchange participant at OCC. The agreement is designed to leverage OCC's full suite of clearing and risk management services for MIAX Futures products.

NCDEX will launch India's first rainfall-based weather derivatives contract, RAINMUMBAI, on May 29, following SEBI approval, creating an exchange-traded instrument designed to hedge monsoon-related risk. The contract will use India Meteorological Department rainfall data and is intended to help agriculture and other weather-sensitive sectors manage financial exposure to rainfall variability.

Goldman Sachs, JPMorgan, Bank of America, Morgan Stanley and BNY recorded multiple value-at-risk backtesting breaches in Q1 2026 as volatility from geopolitical shocks pushed trading losses beyond model forecasts. Goldman was the most affected, logging three breaches that lifted its capital multiplier above 3 for the first time in over a decade, increasing its market risk-weighted assets.

Citadel Securities hired more than 60 employees across six Asian markets this year, with nearly half based in Hong Kong, as the market maker led by Ken Griffin continues expanding its regional trading and liquidity operations. The hiring push reflects the firm's broader strategy to deepen its footprint in Asia's electronic trading and capital markets infrastructure.

The Securities and Exchange Commission is delaying proposed exchange-traded funds from Roundhill Investments, GraniteShares and Bitwise Investments that would track prediction market contracts tied to events such as elections and economic data. Chair Paul Atkins said the agency will seek public comment as it evaluates whether such ETFs appropriately fit within the investment framework or raise concerns about gambling-like exposure.

The Commodity Futures Trading Commission has named DJ Hennes as director of the Market Participants Division. Hennes, who previously worked at KPMG and Promontory Financial Group, brings experience in governance, risk, compliance and crypto assets. The division oversees intermediaries in the derivatives market, including those dealing with bitcoin and ether futures.