On May 11, 2026, U.S. District Judge William M. Conley in Wisconsin found the Ho-Chunk Nation is likely to succeed under IGRA in stopping Kalshi sports event contracts from being offered on the tribe's Indian lands. The Ho-Chunk Nation sued Kalshi and Robinhood entities last August and later sought a preliminary injunction in December 2025; the case also includes a RICO claim and is set for trial on May 24, 2027.

WASHINGTON, May 12, 2026 — CFTC Chairman Michael S. Selig said the agency is working more closely with the U.S. Securities and Exchange Commission to better align oversight, rulemaking and enforcement across securities and derivatives markets, including digital assets. He said the agencies have entered a memorandum of understanding and started joint efforts such as a harmonization initiative, participation in the SEC's Project Crypto, and work on a "common-sense" crypto asset taxonomy.

On May 12, 2026, Elliptic announced it raised $120 million in a Series D round led by One Peak, with participation from Nasdaq Ventures, Deutsche Bank and the British Business Bank. The company said the financing values Elliptic at $670 million and will fund expansion of its blockchain analytics and compliance infrastructure for banks, fintechs, government agencies, exchanges and payments firms.

On May 12, 2026, Circle Internet Group disclosed it had completed a $222 million presale for its Arc (ARC) blockchain token, implying a $3 billion fully diluted valuation for the stablecoin-native Layer 1 network. Circle said it sold 740 million ARC at $0.30 each and reported Q1 2026 results including $694 million revenue and $151 million adjusted EBITDA, while targeting a mainnet beta in summer 2026.

Web3 pay levels slid in 2026, with the average worker earning about $138,000 annually in May 2026. That is a 75.1% drop from the January 2025 peak of $553,000 and about 32.7% below the roughly $205,000 seen in December 2021.

An April 2026 Caladan report said 93% of 3,200 GameFi projects are effectively dead, with sector tokens down 95% from 2022 highs and about $15 billion destroyed. It also cited Axie Infinity's drop from 2.7M daily players in summer 2022 to 5,500, while GameFi VC funding fell from $5.56 billion in 2022 to roughly $390 million by 2025.

A revised Senate Banking Committee crypto market structure draft released on May 12 includes an unexpected housing proposal, with pages 300–309 outlining the “Build Now Act.” The text also updates provisions on stablecoin rewards and keeps BRCA protections for non-custodial developers, as the bill heads toward a Senate markup vote later this week.

The Senate Banking Committee released an updated, 309-page version of its Clarity Act around midnight Monday and is planning a markup later this week. The text incorporates revised restrictions around stablecoin rewards and includes language aimed at protecting non-custodial software developers, while leaving unresolved debates over ethics provisions tied to federal officials' crypto interests.