- CFTC Chair Mike Selig announced plans to bring perpetual futures trading to the U.S. within weeks, reversing a previous ban.
- Major cryptocurrencies surged overnight, with Bitcoin reaching $71,000 and other leading assets gaining 4-6%.
- Former President Trump accused U.S. banks of undermining the Genius Act and stalling the Clarity Act.
- Michael Saylor’s STRC stock set a daily sales record, raising capital equivalent to over 1,000 Bitcoin.
- The onchain perps platform Hyperliquid holds over $11 billion in open interest, facing a competitive shift from new U.S. regulations.
U.S. regulators are poised to greenlight perpetual futures trading domestically within the next month, according to CFTC Chairman Mike Selig. He stated the prior administration drove this liquidity and firms offshore by banning the popular derivative product. Consequently, this policy shift could redirect billions in trading volume back to American markets.
Crypto majors surged 4-6% overnight, with Bitcoin trading at $71,000. Meanwhile, Donald Trump accused major banks of sabotaging key crypto legislation on his Truth Social platform. Selig emphasized regulators should not force firms to rely on old technology, remarking, “Many firms want to move onchain.”
Hyperliquid, the dominant onchain perpetual futures platform, currently handles over $11 billion in open interest. However, new regulated U.S. products from exchanges like Coinbase or Kraken could challenge its appeal to institutional investors. One observer questioned whether U.S. legalization helps or hurts platforms built for permissionless access.
In corporate news, Michael Saylor’s STRC sold a record 1.82 million shares, raising enough capital to purchase 1,016 Bitcoin. Other notable events included Tether committing $6.4 million to its bitcoin partnership with Lugano, Switzerland. Vitalik Buterin also shared reflections on Ethereum‘s societal impact, pledging to build a “sanctuary tech ecosystem.”
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