Last mentioned: 3d ago
Market Reaction
Prediction market operators signal intent to maintain operations in contested states following federal support.
CFTC Intervention
Chairman Selig publishes an op-ed asserting exclusive CFTC jurisdiction over prediction markets.
Fund IV Closure
Dragonfly officially closes its $650 million fourth fund amid industry consolidation.
State Legal Surge
Nevada and other states intensify legal actions to ban Kalshi and Polymarket as illegal gambling.
Administration Change
Trump administration takes office; Michael Selig is later appointed as CFTC Chairman.
Strategic Bets
Early investments in Polymarket and Rain begin to show significant market traction.
Fund III Launch
Dragonfly raises its third fund during the height of the crypto bull market.
Dragonfly Founded
Firm launches with a focus on bridging the gap between Eastern and Western crypto markets.
Crypto venture firm Dragonfly has successfully closed its fourth fund at $650 million, signaling a flight to quality in a tightening market. The raise comes as the broader blockchain venture capital landscape faces a period of significant consolidation and 'mass extinction' for smaller firms.
The Trump administration, through the CFTC, has formally backed prediction markets Kalshi and Polymarket, challenging state-level attempts to ban the platforms as illegal gambling. CFTC Chairman Michael Selig is asserting exclusive federal jurisdiction, a move that could fundamentally reshape the regulatory landscape for sports betting and event-based derivatives.