Netflix vows to revive viewership trends, but investors hit ‘sell’ on the stock

Plan would repay lenders through a $1.7-billion equity rights offering and a $1.5-billion loan

Utah Attorney General Derek Brown announced a lawsuit against Kalshi, its affiliates and two Susquehanna trading companies, alleging that the prediction markets platform had been facilitating illegal betting in the US state since 2024. In a Tuesday press briefing, Brown said Utah officials had petitioned a court to compel the companies to return about $30 million to $60 million in profits they made through allegedly illegal event contracts. The Utah attorney general alleged that Kalshi illegally offered its services to more than 32,000 users in the state, resulting in significant losses. “Under Utah law, I have determined that this operation is causing a significant and substantial ongoing harm to a significant number of Utahns,” said Brown. “And so today, we are asking the court to stop sports, elections, politics, culture and mention bets here in Utah.” Kalshi sued Utah in February after lawmakers passed a bill on betting on prediction markets as gambling under state law. In August, a judge ruled in favor of Utah officials, saying federal laws under the US Commodity Futures Trading Commission (CFTC) do not preempt state gambling laws.

SummaryThe U. S. Commodity Futures Trading Commission released the agenda for its first "Frontier Forum" event next week, hosted by the agency's Innovation Task Force. The October 28 event will invite leaders in the artificial intelligence space to discuss how AI may shift how the U. S. derivatives markets operate. The potential effects of artificial intelligence in the derivatives markets will be in focus at the U. S. Commodity Futures Trading Commission's first in a new series of meetings hosted by its Innovation Task Force on October 28. Using President Donald Trump's favored "super intelligence" descriptor, the agenda released on Tuesday marks the opening outing of what the regulator is calling its "Frontier Forum" series. It begins with a look at how derivatives markets may respond to the influx of machine intelligence and how the technology may impact price discovery and risk management. "Super intelligence is poised to transform our financial markets,” said CFTC Chairman Mike Selig in a statement. The task force said the event will hear from leaders in the space, including the heads of firms such as Ornn, Architect and Liquid Compute.

Open this photo in gallery:Matthew Proud, chief executive officer of MAK, at his Toronto office in September, 2025. DUANE COLE/The Globe and MailMatthew Proud’s special purpose acquisition company has made good on its threat to pull out of a proposed combination with last-mile delivery company UniUni. The Toronto Stock Exchange-listed SPAC, called MAK Acquisition Corp. MAK-U-T on Tuesday delivered a notice of termination to UniUni, officially known as Uni Express Inc., of a May purchase agreement between the two entities. Mr. Proud, the former chief executive officer of the chronically governance- and debt-challenged Toronto legal software company Dye & Durham Ltd., is CEO of MAK. MAK warned in a notice of breach last month to UniUni that it could pull out of the deal, stating that the delivery company hadn’t lived up to its commitment under their combination agreement “to operate its business within certain specific parameters” including limiting its pretax loss to a defined maximum cumulative amount.

Unlike bear-market bottoms, which typically end with a spasm of despair as traders throw in the towel, bull-market tops are far more gradual and less dramatic.

Bitwise Asset Management and the Hyperliquid Policy Center are pressing the US Securities and Exchange Commission (SEC) to revise its proposed crypto rules, seeking clearer guidance on token classifications, airdrops and secondary-market trading in comment letters submitted Monday. The requests come as the SEC closes public comments Tuesday on its proposed Regulation Crypto Assets, which would create exemptions for qualifying crypto fundraising and a conditional safe harbor for tokens associated with investment contracts. In an Oct. 19 comment letter, Bitwise Asset Management urged the SEC to clarify how investment managers should determine whether a crypto asset is subject to securities laws, arguing that managers need a standard they can apply using “publicly available information.” The firm also sought clearer rules on when managers can rely on an issuer’s proposed Form TR filing, which would certify that an investment contract has ceased to exist, and how they should assess tokens when no such filing exists.