Odaily reports that Letitia James has filed a lawsuit against Coinbase and Gemini, accusing them of violating New York State law by providing "disguised gambling" services through their prediction market platforms. Regulators argue that such event-based transactions (like sports and elections) are essentially gambling, particularly questioning the allowance for users aged 18 to 21, while New York law stipulates a minimum age of 21 for sports betting. Prosecutors are seeking substantial fines and forfeiture of proceeds, including at least $2.2 billion from Coinbase and at least $1.2 billion from Gemini. Neither company has officially responded, but Coinbase stated that prediction markets are regulated by the Commodity Futures Trading Commission, implying that their legality falls under federal jurisdiction.

Odaily Planet Daily reports that the PACE Act, proposed by bipartisan lawmakers in the United States, aims to allow compliant non-bank payment institutions direct access to the Federal Reserve's payment system, garnering support from the crypto industry. The bill will establish a federal framework overseen by the Office of the Comptroller of the Currency, providing a unified registration path for payment companies and requiring them to maintain 1:1 reserves and meet risk control and record-keeping compliance requirements. Eligible institutions will be able to access core payment networks such as Fedwire, FedNow, and FedACH. The legislative goal is to reduce payment costs, improve speed and reliability, and make the transfer experience as simple as sending a text message. Industry observers believe this move could break the traditional banks' monopoly on underlying payment infrastructure, opening a crucial channel for stablecoins and crypto payment companies, and further promoting openness and competition in the financial system.

According to Gate.com data, S&P 500 futures have recovered some of their losses, currently down 0.3%. This followed US President Trump's announcement that he would extend the ceasefire agreement between the US and Iran.

According to Huoxun Finance, market data shows that the three major U.S. stock indexes all closed lower on Tuesday, with the Dow Jones Industrial Average down 0.59%, the Nasdaq Composite down 0.59%, and the S&P 500 down 0.63%. Most popular tech stocks fell, with Apple down more than 2%, and Nvidia, Google, and Tesla all down more than 1%.

According to Huoxun Finance, the total liquidation volume in the cryptocurrency market over the past 24 hours reached $259 million, including $137 million in long positions and $121 million in short positions. Breaking it down by cryptocurrency, Bitcoin long positions saw $44.8685 million in liquidations, Bitcoin short positions $53.1677 million, Ethereum long positions $28.3914 million, and Ethereum short positions $23.4154 million. Furthermore, 114,335 people worldwide experienced liquidations in the past 24 hours, with the largest single liquidation order being the BTCUSDT_UMCBL contract on the Bitget platform, valued at $7.5962 million.