CFTC Finally Opens US Perps After Offshore Boom

The CFTC opened a regulated path for crypto perpetual futures in the United States, allowing Kalshi and Coinbase to move ahead with products long dominated offshore. Chair Michael Selig said the action permits a true Bitcoin perpetual contract on a registered exchange inside the US framework.

The decision came through staff advisory and no-action guidance, not permanent rulemaking, as regulators addressed risks tied to 24/7 trading, clearing, and settlement. CFTC staff said blockchain infrastructure and nonstop markets require guardrails that preserve robustness while allowing fair competition and responsible innovation.

KalshiEX received clearance to list its BTCPERP contract tied to Bitcoin’s price, while Coinbase Financial Markets received no-action relief for digital commodity derivatives. Coinbase CEO Brian Armstrong said US users had been locked out of roughly 80% of global crypto markets before the shift.

The Hyperliquid Policy Center called the step overdue recognition that perpetual derivatives support price discovery and risk management. White House crypto adviser Patrick Witt framed it as a break from prior policy, while Kalshi said its first US perpetual product followed more than a year of preparation.

Base Cuts Empty Blocks 99% With Azul Layer 2 Debut

Base activated Azul on mainnet, adding multiproofs and a new client stack as Coinbase’s Ethereum Layer 2 moves toward Stage 2 decentralization. The upgrade lets TEE and zero-knowledge proofs finalize proposals independently, while matching proofs can cut withdrawal finality to one day.

Azul also moves Base onto base-reth-node and base-consensus, its first independent upgrade outside the inherited OP Stack path. Base said the new stack cut empty blocks by 99%, supported bursts of 5,000 transactions per second, and helped secure $4.4 billion in network deposits.

Aave Secures Two United Kingdom Crypto Registrations

Aave Labs’ UK subsidiaries secured FCA cryptoasset registrations, giving Push Labs and Push Virtual Assets legal footing for regulated crypto exchange activity. Combined with existing e-money authorization, the approvals support a dual-permission payments framework aimed at zero-fee fiat on-ramps for Aave users.

The registrations extend Aave Labs’ European compliance buildout after its Irish subsidiary received a MiCA crypto-asset service provider license. The company is also advancing Aave V4 and GHO, while UK regulators prepare a broader licensing gateway for stablecoins, custody, and trading platforms.

JPMorgan’s Dimon Attacks Coinbase Over Stablecoin Yield

JPMorgan CEO Jamie Dimon sharply attacked Coinbase CEO Brian Armstrong over the Clarity Act, saying banks will fight the bill’s stablecoin yield language. The dispute centers on whether exchanges can offer rewards on stablecoin holdings while issuers remain barred from paying interest directly.

Banking groups argue the loophole could pull deposits away from regulated lenders and weaken the financial system. Coinbase and crypto allies say transaction-based rewards preserve innovation, while the bill has already passed a key Senate committee and awaits a potential floor vote.

Data of the Day

Spot Bitcoin ETFs recorded 10 straight sessions of outflows, with redemptions exceeding $2.97 billion since May 15. Bitcoin data showed total ETF assets falling from $104.29 billion to $94.17 billion, marking a sharp institutional retreat during crypto market weakness.

Santiment called the streak a possible contrarian signal, arguing extreme ETF redemptions often show peak fear near local bottoms. Ether ETFs also posted 14 straight outflow sessions, while Hyperliquid ETFs broke from the trend and surpassed $100 million in net inflows.

More Breaking News

• Treasury Secretary Scott Bessent said the US seized about $1 billion in crypto from Iran-linked entities, escalating sanctions pressure during regional conflict.
• SEC sued Texas resident Nathan Fuller over an alleged $12.3 million crypto scheme, saying fake AI bots hid personal spending and Ponzi-like payouts.
• Paxos secured SEC registration as a clearing agency, becoming the first blockchain-native firm approved to settle eligible securities transactions under federal oversight.
• France’s AMF gave crypto firms until June 30 to secure MiCA licenses or prepare orderly exits, raising pressure before passporting tensions deepen.
• Cardano Foundation canceled its 2026 summit after a $2 million treasury request reached 65.21% support, narrowly missing the required two-thirds threshold.
• Celsius founder Alex Mashinsky filed to vacate his 12-year fraud sentence, claiming ineffective counsel and conflicts tied to Sam Bankman-Fried.
• Circle froze $12.6 million inside Zama’s cUSDC contract after a court order, trapping privacy-protocol users in an unrelated Overnight Finance lawsuit.
• Sui suffered another major stall after a six-hour outage tied to its 1.72 release, leaving block production paused again within 24 hours.

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