Plus: $5 billion flurry of nearly identical Kalshi trades draws scrutiny, and more from Journal House U.N. General Assembly 2026.
Traders on the prediction market Kalshi have made almost one million trades in a single market since August that were in nearly identical amounts, unusual activity that has caught the eyes of federal regulators and traders.
A Wall Street Journal analysis of public trading data found that in recent weeks, more than one-third of trades on a market speculating on the price of the cryptocurrency ether consisted of rapid trades clustered around the same order size—$5,500. Kalshi’s public data doesn’t disclose the identity of traders.
Good morning. Norway’s prime minister thumbed out a text message to an increasingly familiar contact on his phone—a fellow head of government he hoped would join a nascent plan of Western leaders to design a new framework to regulate artificial intelligence. Jonas Gahr Støre said that within 10 minutes, Canada’s Mark Carney had texted back: “Of course. We’re in.”
Around the same time, Carney was discussing AI regulation with French President Emmanuel Macron on the French Atlantic archipelago of St. Pierre and Miquelon just off Newfoundland, as Macron’s government called on the United Nations Security Council to focus on AI and security ahead of this week’s General Assembly. By Monday, Støre and Finnish President Alexander Stubb had published a two-page paper arguing that AI “must remain under human direction, oversight and control” and suggested creating a global supervisory regime.
- Growing consensus: A club of Western presidents and prime ministers is leading a new push for global controls on AI, echoing the nuclear arms treaties that took root during the first decades of the Atomic Era.
- Why they’re doing this: In conversations with The Wall Street Journal, leaders and their aides described a global system in which the world’s top AI innovator—the U.S.—is, in their view, reluctant to address the potential risks of a technology powering America’s stock gains and economic growth.
- Oversight body: Carney has proposed a global “technology stability” body that would help set norms and constraints. “There are leaders that step forward and say, ‘OK, where can we take responsibility, come together?’” said Støre, speaking from Ottawa, where he had spent the day in meetings with Carney. “I hear the American president saying, you know, ‘The only thing that matters is beating China in the competition.’”
- Impact: Many analysts say any global standards body that doesn’t have the buy-in of the U.S. and Chinese governments would likely have a limited impact. So far, the countries pushing hardest for global guardrails are consumers rather than innovators and incubators of the world’s top AI companies, but several of America’s leading AI developers are also calling for global AI rules.
A Wall Street Journal analysis of public trading data found that in recent weeks, more than one-third of trades on a market speculating on the price of the cryptocurrency ether consisted of rapid trades clustered around the same order size—$5,500. Kalshi’s public data doesn’t disclose the identity of traders.
U.K. to launch agency to fight information warfare.
The U.K. will launch a new agency aimed at countering cyber threats from countries like Russia and North Korea, in an effort to tighten national security on the digital front, Risk Journal’s Yusuf Khan reports (free link).
“In recent years we have seen an industrial-scale assault by hostile actors on the information environment in the U.K. and that of many of our allies,” U.K. Prime Minister Andy Burnham said in a speech at the United Nations. “Russian agencies have used every means at their disposal to spread lies and disinformation and prey on people’s fears.”
- The CEO of a digital forensics firm that does business with the U.S. government was arrested for allegedly concealing he reported to Russian superiors, Risk Journal’s Max Fillion reports (free link).
- Americans’ anger with fraud in the job search is reaching a fever pitch. Now, LinkedIn is rolling out new tools to help users figure out what is real—and avoid handing over money or their résumés to scammers.
- Regulators are reining in a wild corner of prediction markets where traders bet on which words will be spoken by politicians, executives and celebrities, saying that so-called mention markets are vulnerable to abuse.
- Risk Journal reports: Ukraine’s President Volodymyr Zelensky urged allied leaders to expand sanctions on Russia and not ease them, as the European Union extended its list of sanctioned Russian individuals and entities for three years—a deal reached only after the bloc agreed to remove two Russian oligarchs from its sanctions list under pressure from France and Slovakia (free link).
- The upper house of Swiss parliament backed a proposal requiring UBS to hold 90% in top-tier capital against its foreign subsidiaries.
- The Trump administration plans to change rules to speed up the authorization process for tobacco products like flavored vapes, according to people familiar with the matter.
- Flock Safety told the U.S. Senate that it has tightened the requirements for police officers and other users to access and search its database of billions of license plates amid growing concerns about misuse of its divisive product.
- A growing number of U.K. bank accounts are being used by criminals to funnel funds for organized crime, the country’s financial watchdog said, with billions of pounds being laundered through the country (free link).
- Federal authorities have opened a probe into Darren Indyke and Richard Kahn, Jeffrey Epstein’s longtime lawyer and accountant.
