CFTC clears U.S. crypto perpetual futures
The CFTC approved perpetual futures contracts for the U.S. market this morning, allowing Kalshi and Coinbase to offer the products domestically. Most such trading has occurred offshore. The CFTC greenlit Kalshi to list a bitcoin perpetual contract and issued a no-action stance for Coinbase's digital commodity derivatives plans. According to CFTC Chair Michael Selig, the move charts a path for a major crypto derivatives segment to operate within U.S. regulatory framework. Read more →
Wall Street Meets Hyperliquid
Hyperliquid is starting to look a lot less like a crypto-native casino and a lot more like something Wall Street has to understand. ICE CEO Jeffrey Sprecher said his team has met with Hyperliquid several times to discuss where their worlds overlap. ICE is also exploring whether it can enter the onchain perps market, while asking regulators why crypto platforms can offer certain 24/7 products that legacy exchanges can’t. That matters because Hyperliquid is no longer a place just to trade crypto leverage – traders are using its always-open markets to get exposure to oil and platforms built on Hyperliquid are now testing pre-IPO perps for names like SpaceX. The market is taking notice, too – HYPE has jumped another 10% over the last day, extending a ~60% monthly rally and pushing it just outside crypto’s top 10 by market cap. Read More →
Another bitcoin treasury trade unwinds
Sequans Communications (SQNS) is calling it quits on its bitcoin treasury strategy less than a year after launching it. The French chipmaker, which pivoted into BTC last June after receiving a NYSE delisting warning, said it has fully redeemed its convertible debt by selling bitcoin and now plans to “monetize” its remaining 658 BTC. At its peak, Sequans held 3,234 BTC and pitched bitcoin as a long-term reserve asset. That “long term” lasted about eleven months. Read more →
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