Technology

Sporttrade Seeks CFTC Approval to Avoid ‘Irreparable Harm’ by Kalshi

Sporttrade, a sports prediction market platform operating with state gaming licenses, has petitioned the Commodity Futures Trading Commission (CFTC) with a letter asking permission to offer its product nationwide so it can avoid the “irreparable harm” of a competitive disadvantage. CEO Alex Kane is not worried the April 25 letter will upset Sporttrade’s state regulators […]

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4 weeks ago

May 1, 2025

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CEO Alex Kane is not worried the April 25 letter will upset Sporttrade’s state regulators even as multiple states accuse Kalshi, a sports prediction market competitor, of inappropriately using the Commodity Exchange Act as cover for a thinly disguised form of sports betting.

“I haven’t feared [retaliation] for a second,” Kane said in a phone interview. “I know our regulators well.”

The company’s federal outreach following a monthslong internal risk assessment could encourage sportsbook giants such as DraftKings, which is enticed by prediction markets but concerned about state blowback, that they are safe to proceed, too.

Sporttrade is in a unique position because it offers sports futures event trading but is currently regulated like a traditional sportsbook in the five states where it operates (Arizona, Colorado, Iowa, New Jersey and Virginia).

Kalshi’s presence in all 50 states is enough of a long-term threat to Sporttrade’s market share that the company must change its approach right now in order to survive, Kane wrote in his letter to the CFTC. He said he hopes state officials he has built a relationship with sympathize with that predicament.

Kane’s letter notifies the CFTC that Sporttrade is “preparing a formal no-action relief request” to “accept trades on event contracts without formal federal registration.”

Kalshi, founded in 2018, has promoted the idea that its platform is a case of technological advancement that must be embraced by regulators. “No important financial innovation has ever been created without critics,” CEO Tarek Mansour wrote on social media in March.

But the firm, which began offering a platter of sports contracts for the first time this year, is not creating a fresh financial vehicle; Sporttrade was founded in 2017, and internationally, sports prediction exchanges such as Betfair have existed for decades.

Kalshi’s novelty dwells in the bold approach it is taking toward U.S. regulators, refusing to shut down upon request and in some cases suing the groups that aim to close it. By contrast, other companies have backtracked at first asking. Kalshi has also cultivated key political allies, including its board member Brian Quintenz, now the nominee to chair the CFTC, and advisor Donald Trump Jr., the son of President Donald Trump.

Kane complimented Kalshi’s platform and industry influence. He also said his company wants a level playing field so it can show it is just as cutting edge.

“It’s identical,” Kane said of Sporttrade’s level of fintech innovation compared to Kalshi. “Exact same thing, right?”

Several exchanges, including ErisX in 2021, tried and failed to go the federal route with sports futures trading under previous CFTC leadership. Rather than fight back, they acquiesced to agency resistance.

Sports economist and Syracuse University professor Rodney Paul said discussions about the possibility of sports-related prediction markets taking root in the U.S. have been going on at least since he first started going to conferences with finance researchers to discuss gambling in the early 2000s.

“Wow, it’s got to be 20 years,” Paul said in a video interview of when he first heard about the concept sports futures trading in the U.S. “I thought it was just kind of worded differently to be able to get around the negative connotation of saying it’s about gambling. … Once people figure out some sort of financial market, then they always figure out interesting derivatives.”

Kalshi has argued that its sports contracts are not a form of betting like Paul suggested. The company’s attorneys say its differences from sportsbooks are one of the reasons it should be overseen exclusively by the CFTC.

Sporttrade strikes a different tone, given its close work with state gaming regulators.

“You’re not going to hear me say this isn’t sports betting,” Kane said. “That’s a ridiculous comment.”

Still, Kane sees value in working with the CFTC if it fosters competition among prediction market platforms, which he believes are more consumer friendly than traditional sportsbooks in part because they can offer better potential returns and also because they do not limit user activity for winning too often.

Kane said he envisions a world in which state regulators maintain some influence over sports event futures contracts even with the CFTC involved. For Sporttrade to still be standing in that scenario, though, the executive believes the company must gain national reach during what his letter calls “the current uncertainty regarding even the medium-term outlook for sports event contracts.”

Expedited CFTC approval for Sporttrade, Kane added, would “encourage an open and fair capacity to offer sports event contracts, giving consumers choice among like options that all provide safe, regulated and compliant experience.”

The CFTC declined to comment on this story while Kalshi did not respond to requests for comment.

(This story has been updated in the final paragraph after the CTFC declined to comment.)

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Unusual Machines to Participate in the “2025 Virtual Tech Conference: Discover the Innovations Reshaping Tomorrow” Virtual Conference Presented by Maxim Group LLC on Tuesday, June 3rd at 10:00 a.m. EDT | National Business News

ORLANDO, FL / ACCESS Newswire / May 29, 2025 / Unusual Machines, Inc. (NYSE American:UMAC) (“Unusual Machines” or the “Company”), a leading U.S. manufacturer of drone components, today announced that CEO Allan Evans has been invited to present at the “2025 Virtual Tech Conference: Discover the Innovations Reshaping Tomorrow,” presented by Maxim Group LLC, on […]

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2 hours ago

May 30, 2025

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Unusual Machines will be taking part in the “2025 Virtual Tech Conference: Discover the Innovations Reshaping Tomorrow.” The rapid evolution of technology is paving the way for disruption across all industries, including healthcare, drones, consumer IoT, business solutions, gaming & entertainment, and more. In Maxim’s 2025 Virtual Tech Conference, we will explore how emerging growth companies are expanding their use of Quantum Computing and Artificial Intelligence (AI) to position themselves for the future. Maxim Senior Analysts will facilitate engaging dialogues with CEOs and key management of diverse companies who have their attention on technology and how it will impact and grow their business.

Unusual Machines presentation is scheduled for Tuesday, June 3rd at 10am EDT.

This conference will be live on M-Vest. To attend, sign up to become an M-Vest member.

Click here to learn more and reserve your seat

About Maxim Group LLC

Maxim Group LLC is a full-service investment banking, securities and wealth management firm headquartered in New York. The Firm provides a full array of financial services including investment banking; private wealth management; and global institutional equity, fixed-income and derivatives sales & trading, equity research and prime brokerage services. Maxim Group is a registered broker-dealer with the U.S. Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) and is a member of FINRA SIPC, and NASDAQ.

About Unusual Machines

Unusual Machines manufactures and sells drone components and drones across a diversified brand portfolio, which includes Fat Shark, the leader in FPV (first-person view) ultra-low latency video goggles for drone pilots. The Company also retails small, acrobatic FPV drones and equipment directly to consumers through the curated Rotor Riot e-commerce store. With a changing regulatory environment, Unusual Machines seeks to be a dominant Tier-1 parts supplier to the fast-growing multi-billion-dollar U.S. drone industry. According to Fact.MR, the global drone accessories market is currently valued at $17.5 billion and is set to top $115 billion by 2032. For more information, please visit www.unusualmachines.com.

Investor Contact:

CS Investor Relations

investors@unusualmachines.com

917-633-8980

SOURCE: Unusual Machines, Inc.

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Technology

Texas lawmakers fail to pass ban on social media for those under 18 | News, Sports, Jobs

AUSTIN, Texas (AP) — A push in Texas to ban social media accounts for children under 18 has failed after lawmakers did not take a key vote on creating one of the nation’s toughest restrictions aimed at keeping minors off platforms such as TikTok, Snapchat and Instagram. The bill, which already passed the GOP-controlled state […]

Published

3 hours ago

May 30, 2025

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The bill, which already passed the GOP-controlled state House, sought to go further than a Florida social media ban for minors under 14. Australia banned social media accounts for anyone under 16.

The legislative session ends Monday and early momentum behind the Texas measure slowed at the eleventh hour in the state Senate as lawmakers face a weekend deadline to send bills to Republican Gov. Greg Abbott. Abbott has not said publicly whether he supported the proposed ban, which was opposed by tech trade groups and critics who called it it an unconstitutional limit on free speech.

“There was no bill filed this session that would have protected more kids in more ways than this one,” state Rep. Jared Patterson, a Republican carrying the measure, said Thursday.

In a post on the social media platform X, Patterson blamed pushback from unnamed “billionaires” as part of the reason for the bill’s failure. Lt. Gov. Dan Patrick, a Republican who controls the state Senate, said Wednesday before the deadline he did not know if the bill had the support needed to pass the GOP-controlled chamber, and it was ultimately never brought up for a vote.

Patterson said he’ll try again when the Texas Legislature meets in 2027.

Many tech companies have established a presence in Texas, including X, which is owned by Elon Musk.

Earlier this week, Abbott signed into law a separate measure requiring Apple and Google to verify the age of online app store users, as well as parental consent to download apps and make in-app purchases for users under 18. Utah passed a similar bill earlier this year.

A federal judge in 2024 temporarily blocked Utah’s first-in-the-nation law requiring social media companies to check the ages of all users and place restrictions on accounts belonging to minors.

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Technology

Lifesteps hosts ‘Innovation in Technology’ sessions – Butler Eagle

Samantha Johnson, founder and CEO of Tatum Robotics, demonstrates a sign language finger-spelling robot during an Innovations in Technology event at Lifesteps Assistive Technology in Butler on Thursday, May 29. Morgan Phillips/Butler Eagle Morgan Phillips BUTLER TWP — Samantha Johnson has been working on her design for a sign language finger-spelling robot for a few […]

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4 hours ago

May 30, 2025

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Morgan Phillips

BUTLER TWP — Samantha Johnson has been working on her design for a sign language finger-spelling robot for a few years, but on Thursday, May 29, it was able to be demonstrated.

The robotic hand, dubbed “Tatum1,” was just one of the assistive technologies either recently released or soon-to-be released that was presented as part of Lifesteps Assistive Technology’s “Innovations in Technology” sessions.

The robot is designed with deaf-blind individuals in mind, but also has benefits for people with low vision.

“These are folks who cannot hear or see, so therefore they communicate through tactile signings,” Johnson said. “They hold on to the hand of the person they’re signing with. This is basically a computer for deaf-blind individuals, and the same way that you have a screen, they have this hand.”

She started designing the robot as her thesis in grad school during the height of the COVID-19 pandemic. She said after social distancing policies, she recognized a need for deaf-blind people to receive information, even when nobody else is available.

Since graduation, she has continued her work, and founded a business around it: Tatum Robotics.

Nearby, Johnson had a video demonstration of a deaf-blind person receiving an emergency alert using the robot. She said it also is able to sign stories, messaging, calling, news, weather and time.

“This is the way that they’re used to communicating … so the idea behind this is to make it so there’s no learning curve. They can just put their hand on it and they know what they’re doing,” Johnson said.

The robot was just one of two products yet to be released that were presented at the event.

Lyman Petrosky, co-founder of ForSight Assistive Devices, is helping to pioneer a technology that aims to give blind people a better sense of spatial awareness.

The device has two parts: a sensor worn on the body, and a set of gloves. Based on the sensor’s readings, the gloves will send tactile feedback based on proximity and direction from the user.

“If somebody walked past you, it’d be as if they were walking across the backs of your fingers,” Petrosky explained. “You can actually sense them passing by. You can even tell roughly how far away they are.”

Pete Andolina is the owner of Alpha-Sensory, a company that works with school districts, Veterans Affairs offices and organizations such as Lifesteps to distribute multiple companies’ assistive technologies.

While he offers an extensive list of products, Andolina brought a select few to show off, such as CloverBook, a portable screen magnifier; LyriQ Auto Reader with enhanced recognition using artificial intelligence; and Envision Glasses, an option for smart glasses technology.

Also in attendance was Butler Eye Care, which presented two other options for smart glasses, Ray-Ban Meta AI Glasses and Nuance Audio Hearing Glasses. While both glasses were designed with the general population in mind, both offer services that could assist people with hearing or vision impairment.

“Someone who is blind has that stuff right on them,” Diana Petschauer, director of assistive technology for Lifesteps, said. “It describes for them, they’re able to ask if there’s something in my way, stuff like that.”

The event also had a Brava smart oven for display. The oven is designed to be an easier way to make meals, as it has preprogrammed recipes and cooking instructions.

Brava took a step toward accessibility in October, when a software update added an integrated mobile app that gives people with disabilities increased access to the oven. Brava reported assistive technology users quickly learned how to use the oven and became much more confident in cooking for themselves.

“So one gentleman, he’s aging, and it was his wife that always cooked,” Petschauer said. “When she passed away, he didn’t cook, and his kids were worried because he was always doing the microwave meals … So their kids got him Brava. They said he’s a Brava chef now.”

Petschauer said Lifesteps hosts demonstration sessions such as this one to show off assistive technology that might not be readily available at the center. She said she has helped assistive technology users get access to products previously demonstrated.

“Individuals with disabilities can come here not only to explore and get demonstrations, but since I’m an assistive technology professional, I can write the recommendation in a report that can help them … get the funding for it,” Petschauer said.

Lifesteps Assistive Technology plans to host more demonstrations in the future in the hopes of improving assistive technology education and access in the area.

Pete Andolina with Alpha-Sensory demonstrates a SightCare machine during an Innovations in Technology event at Lifesteps Assistive Technology in Butler on Thursday, May 29. Morgan Phillips/Butler Eagle

Morgan Phillips

Samantha Johnson, Founder and CEO of Tatum Robotics, demonstrates a sign language fingerspelling robot during an Innovations in Technology event at Lifesteps Assistive Technology in Butler on Thursday, May 29. Morgan Phillips/Butler Eagle

Morgan Phillips

Pete Andolina with Alpha-Sensory demonstrates a WeWalk Smart Cane during an Innovations in Technology event at Lifesteps Assistive Technology in Butler on Thursday, May 29. Morgan Phillips/Butler Eagle

Morgan Phillips

Pete Andolina with Alpha-Sensory demonstrates a SightCare machine during an Innovations in Technology event at Lifesteps Assistive Technology in Butler on Thursday, May 29. Morgan Phillips/Butler Eagle

Morgan Phillips
Pete Andolina with Alpha-Sensory demonstrates a SightCare machine during an Innovations in Technology event at Lifesteps Assistive Technology in Butler on Thursday, May 29. Morgan Phillips/Butler Eagle

Morgan Phillips
Samantha Johnson, Founder and CEO of Tatum Robotics, demonstrates a sign language fingerspelling robot during an Innovations in Technology event at Lifesteps Assistive Technology in Butler on Thursday, May 29. Morgan Phillips/Butler Eagle

Morgan Phillips
Pete Andolina with Alpha-Sensory demonstrates a SightCare machine during an Innovations in Technology event at Lifesteps Assistive Technology in Butler on Thursday, May 29. Morgan Phillips/Butler Eagle

Morgan Phillips
Pete Andolina with Alpha-Sensory demonstrates a WeWalk Smart Cane during an Innovations in Technology event at Lifesteps Assistive Technology in Butler on Thursday, May 29. Morgan Phillips/Butler Eagle

Morgan Phillips
Samantha Johnson, Founder and CEO of Tatum Robotics, demonstrates a sign language fingerspelling robot during an Innovations in Technology event at Lifesteps Assistive Technology in Butler on Thursday, May 29. Morgan Phillips/Butler Eagle

Morgan Phillips
Samantha Johnson, Founder and CEO of Tatum Robotics, demonstrates a sign language fingerspelling robot during an Innovations in Technology event at Lifesteps Assistive Technology in Butler on Thursday, May 29. Morgan Phillips/Butler Eagle

Morgan Phillips
Samantha Johnson, Founder and CEO of Tatum Robotics, demonstrates a sign language fingerspelling robot during an Innovations in Technology event at Lifesteps Assistive Technology in Butler on Thursday, May 29. Morgan Phillips/Butler Eagle

Morgan Phillips

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Technology

Nvidia CEO warns that Chinese AI rivals are now ‘formidable’ – The Mercury News

By Ian King and Ed Ludlow, Bloomberg Nvidia Corp. Chief Executive Officer Jensen Huang said that Chinese AI rivals are filling the void left by the departure of US companies from that market, and their technology is becoming more powerful. “The Chinese competitors have evolved,” he said Wednesday in an interview with Bloomberg Television. Huawei […]

Published

4 hours ago

May 30, 2025

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By Ian King and Ed Ludlow, Bloomberg

Nvidia Corp. Chief Executive Officer Jensen Huang said that Chinese AI rivals are filling the void left by the departure of US companies from that market, and their technology is becoming more powerful.

“The Chinese competitors have evolved,” he said Wednesday in an interview with Bloomberg Television. Huawei Technologies Co., a Chinese tech company blacklisted by the US government, has become “quite formidable,” he said.

RELATED: DeepSeek unveils update to R1 model

US restrictions on exports to China have effectively locked Nvidia out of the country, the largest market for chips, and as a result the company expects to lose out on $8 billion in sales this quarter alone. During a quarterly earnings call Wednesday, Huang spent much of the time arguing that the American government should ease the curbs.

Rather than keeping AI technology out of Chinese hands — the intended purpose — local companies are just finding alternatives, he said. Tencent Holdings Ltd. and other major purchasers of his products can’t be blamed for turning to Huawei because they can no longer depend on US suppliers, he said.

“Like everybody else, they are doubling, quadrupling capabilities every year,” Huang said. “And the volume is increasing substantially.”

Huang cautioned that the gap between US products and Chinese alternatives is decreasing. Huawei’s latest AI chip is similar to the performance of Nvidia’s own H200 — a component that was state-of-the-art until its replacement in recent months.

Under new rules, Nvidia isn’t able to even ship its H20 chip to China. That component is a downgraded version of the H200.

It’s not possible to degrade the product’s capabilities further, he told Bloomberg Technology. Nvidia is considering potential alternatives to the H20, but has no current chip planned, Huang said. When it does, the company will have to seek permission from Washington.

“You cannot underestimate the importance of the China market,” Huang said. “This is the home of the world’s largest population of AI researchers.”

Huang said he wants all of the world’s AI researchers and developers to be using American technology. “Irrespective of the near-term revenue success we have had, we can’t ignore the fact that the Chinese market is very important,” he said.

In the interview, Huang was also asked about the US revoking some Chinese student visas and how that might affect Nvidia.

“I believe the administration still feels very strongly about the incredible importance of immigration,” said Huang, who was born in Taiwan. “Look, I’m an immigrant. I know many immigrants that came to the US to build a great life, and many of us have contributed greatly to the technology industry in the US.”

Huang said he believed that will continue. “We would like the brightest to come here,” he said.

More stories like this are available on bloomberg.com

Originally Published: May 29, 2025 at 6:35 AM PDT

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Tech companies slash hundreds of Bay Area jobs, hiring slump persists

Tech companies have slashed well over 400 Bay Area jobs in fresh rounds of employment cutbacks that offer an ominous warning that the industry’s downsizing has yet to run its course. All told, three tech companies have disclosed plans to chop an estimated 419 jobs in the Bay Area, according to official WARN letters the […]

Published

5 hours ago

May 30, 2025

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Tech companies have slashed well over 400 Bay Area jobs in fresh rounds of employment cutbacks that offer an ominous warning that the industry’s downsizing has yet to run its course.

All told, three tech companies have disclosed plans to chop an estimated 419 jobs in the Bay Area, according to official WARN letters the firms sent to the state Employment Development Department.

LinkedIn, Chegg and Hewlett Packard Enterprise have disclosed their intentions to reduce staffing in the Bay Area, the WARN notices show.

Here are some of the details of the recent disclosures of layoff plans by the tech companies:

— LinkedIn, 270 job cuts, affecting workers in Mountain View, Sunnyvale and San Francisco. Of these, 159 job cuts were planned for Mountain View. The layoffs occurred on May 15, the career-oriented social network stated.

— Chegg, 88 layoffs in Santa Clara. The downsizing occurred May 15, the educational tech company reported.

— Hewlett Packard Enterprise, 61 job cuts in San Jose. The reductions transpired on May 2, the information technology company disclosed.

All of the job cuts were described as permanent.

The staffing reductions come at a time when the Bay Area tech industry is struggling with its pace of hiring.

Tech companies added 100 jobs in the Bay Area in April, according to a Beacon Economics seasonally adjusted estimate of tech industry employment categories it derived from the official state EDD monthly obs report.

Employers added 1,600 tech jobs in the South Bay but slashed 1,200 tech positions in the East Bay and chopped 400 tech jobs in the San Francisco-San Mateo metro area, the Beacon estimate determined.

The puny increase in net tech hiring in the Bay Area was a reminder that rather than being the primary engine for Bay Area employment, the tech industry has begun to drag down the region’s job market.

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Judge Keeps Betting-Tech Suit On Track As Sanctions Loom

By Elaine Briseño ( May 29, 2025, 6:24 PM EDT) — A Nevada federal judge refused a sportsbook technology company’s attempt to stay briefings on a motion for sanctions in its trade secrets suit against a former collaborator, ruling the request lacks sufficient justification…. Law360 is on it, so you are, too. A Law360 subscription […]

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May 30, 2025

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Law360 is on it, so you are, too.

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