CME Picks a Perps Fight With the CFTC
CME Group’s outgoing CEO Terrence Duffy said the exchange will sue the CFTC over its move to approve perpetual futures. The fight turns on whether “perps” are really swaps under Dodd-Frank — and how a crypto derivatives product already popular overseas gets a U.S. foothold. Earlier this week, CFTC chair Michael Selig defended his decision to approve perpetual futures. Read more →
Can Strategy pull out of its death spiral? It’s a Stretch . . .
Strategy’s "Stretch" preferred stock (STRC), designed to pay a high dividend while maintaining a stable price around $100, has hit an all-time-low and is trading below ~$84. The stock, which acts like a high-yield digital credit, currently pays a 12.9% effective rate doled out as a cash dividend to holders semi-monthly. If this continues, it’s highly likely that Strategy will need to sell even more BTC. Read more →
No digital dollar, sort of
A bipartisan housing bill now includes language blocking the Federal Reserve from creating a central bank digital currency until 2030. That would make the anti-CBDC push more official after Trump already ordered federal agencies to stop work on a digital dollar. But there’s a new wrinkle. According to The Rage, the New York Fed is still listed as a participant in Project Agorá, an international experiment testing tokenized central-bank money for cross-border bank payments. That is not the same as giving every American a Fed-issued digital wallet, but it does show that some CBDC-style plumbing is still being explored behind the scenes. Read more →
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