Here’s what happened in crypto today

Today in crypto, Google is integrating prediction market data from Kalshi and Polymarket into its search results. Coinbase pushes back on Treasury over the GENIUS Act amid lobbying pressure on stablecoin interest, and Robinhood reported a 300% surge in crypto revenue for the third quarter.

Google Finance adds prediction markets data in new AI-powered update

Google is incorporating prediction market data from Kalshi and Polymarket into its search results as part of its AI-powered upgrade, enabling users to view real-time probabilities for future market events directly within the platform.

According to a Thursday announcement, the prediction market data will be available in the next couple of weeks, letting users view market odds and track how forecasts have shifted over time by typing a question directly into Google’s search bar.

The feature is part of an AI-powered revamp of Google Finance — a free web service by Google that provides real-time financial market data. The upgrade also introduces Deep Search, driven by its Gemini models, along with new live earnings features.

Polymarket, founded in 2020, is a decentralized prediction platform on the Polygon blockchain where users trade on real-world events, while Kalshi, founded in 2018, is a US CFTC-regulated exchange offering event contracts within the traditional financial system.

Both platforms allow users to wager on a wide range of events — from sports and political outcomes to more unconventional questions like “Trump declassifies UFO files before 2027?” or “Will Zohran Mamdani freeze NYC rent next year?”

Banks push US Treasury for blanket stablecoin yield ban, Coinbase pushes back

The US Department of the Treasury is facing conflicting feedback from crypto companies and traditional banking groups over how to implement the GENIUS Act, the law that regulates stablecoin payments in the US.

In a letter on Tuesday, Coinbase urged the Treasury to limit a ban on stablecoin interest payments exclusively to stablecoin issuers, while allowing it for non-issuers, such as crypto exchanges. Coinbase said its proposal aligns with Congress’s intent when passing the legislation.

At the same time, several banking groups, led by the Bank Policy Institute (BPI), have pressed the Treasury to extend the prohibition to non-issuers, advocating for a blanket ban on stablecoin interest payments.

The recommendations were submitted in response to the Treasury’s advance notice of proposed rulemaking (ANPRM), marking the second round of public comments on the implementation of the GENIUS Act, which concluded on Tuesday.

In a joint announcement on Wednesday, BPI and several banking groups said they urged the Treasury to extend the ban on stablecoin interest payments to digital asset service providers, including exchanges and affiliates.

“Implement the GENIUS Act’s prohibition on the payment of interest or yield on payment stablecoins [...] whether paid directly by an issuer or indirectly by an issuer’s affiliates or partners,” BPI said in a separate statement on Tuesday.

The same group previously opposed the same issue in August, arguing that stablecoin interest payments may potentially trigger $6.6 trillion in deposit outflows from the traditional banking system.

Robinhood’s Q3 crypto revenue rallies 300% as earnings beat forecasts

Trading platform Robinhood Markets saw its third-quarter crypto revenue surge 300% from the same period a year ago, helping to boost its quarterly earnings above Wall Street expectations.

Robinhood announced on Wednesday that its Q3 transaction-based revenues increased 129% from the same period last year to $730 million, attributing the gain to its $268 million in crypto revenues, which rose more than 300% from the previous year.

The company’s total revenues for the quarter ended Sept. 30 doubled year-over-year to $1.27 billion, beating analyst expectations of $1.2 billion. Its earnings per share increased 259% to 61 cents, outpacing analyst estimates of 51 cents per share.

Robinhood has traditionally been known for its stock trading platform, but has been pushing to capture retail and institutional crypto users, having completed an acquisition of Bitstamp in June, along with offering tokenized stocks and prediction markets.

Shares in Robinhood (HOOD) ended trading on Wednesday up 4.15% at $142.48, but fell by over 2% after the bell to under $140.