In today's crypto news, Kalshi, an onchain prediction market, has filed lawsuits against gaming regulators in Nevada and New Jersey after receiving cease and desist orders regarding its sports and election event contracts. Kalshi argues that its contracts are distinct from gambling and asserts that state regulators lack jurisdiction over it, as it is regulated by the CFTC. Meanwhile, David Pakman from CoinFund predicts the global stablecoin supply could reach $1 trillion by the end of 2025, driven by a significant rise in adoption this year. He highlights that growing interest in crypto ETFs could further bolster decentralized finance (DeFi) activity, positioning it as a major catalyst for the market. Lastly, Elon Musk's recent sale of his social media platform X to his AI startup xAI complicates a fraud lawsuit against him, as a judge has rejected his bid to dismiss the case, increasing the potential legal exposure for his new venture.

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