Friday June 13, 2025
What’s the Most Actively Traded Bitcoin Product?
It’s perpetuals, a type of futures contracts that allow traders to speculate on the price of bitcoin without an expiration date. This type of product enables continuous trading based on market movements, making it incredibly popular. However, the challenge for many traders in the US is that this market operates outside US borders.
Industry leaders have been collaborating with both the SEC and CFTC to bring about change, and under the Trump Administration, there seems to be a willingness to embrace this shift.
Bitcoin is classified as a commodity, so it falls under the regulatory jurisdiction of the CFTC. But, it can also be securitized, which brings the SEC into the picture. This complex overlap of regulations has led to conversations about the Market Clarity Act, but that’s a discussion for another day.
The CFTC has been seeking public comments on the perpetual market, with the comment period ending next week. So, it came as quite a surprise when Coinbase $COIN announced that it would offer “CFTC compliant US perpetuals.” Compliant but not yet approved? It seems the CFTC has been understaffed lately, and not much progress is being made on this front. Yet, I find it surprising that Coinbase, a company built on regulatory compliance, is jumping ahead and opening what could easily be the largest crypto market in North America without formal approval.
Let’s see how this unfolds.
◾ Coinbase $COIN is launching CFTC complaint perpetual futures trading in the US. (Reuters)
◾ The US Securities and Exchange Commission reversed Biden Administration policies that would have mandated crypto be held by a “qualified custodian” and another that classified a decentralized protocol as an “exchange.” (Sec.gov)
◾ Coinbase $COIN and Shopify $SHOP have launched a commerce payment protocol that will integrate a USDC button into Shopify payment screens. (Shopify)
Government & NGO Actions
◾ President Trump committed to pass the Genius Act and establish a “clear and simple market framework” for the crypto industry. (YouTube)
◾ The Czech Government is facing a vote of no confidence over its acceptance of a crypto donation from “the mafia.” (X)
Financial Notices & Public Company Releases
◾ GameStop $GME upsized its convertible notes offering from $1.75 to $2.25 billion. (GameStop)
◾ Mercurity Fintech $MFH is raising $800 million to add bitcoin to its balance sheet. (MercurityFintech)
◾ Tether purchased a strategic stake in Elemental Altus Royalties $ELEMF, a publicly listed gold-focused royalty company based in Canada. (Tether)
◾ Crypto influencer Anthony Pompliano is raising $750 million to acquire crypto treasuries through a merger with Columbus Circle Capital I Corp $CCCMU. (FT)
◾ Singapore-based Trident Digital Tech Holdings $TDTH plans to raise up to $500 million to establish one of the world’s first large-scale corporate XRP treasury reserves. (GlobeNewswire)
◾ Galaxy Digital $GLXY released revised quarterly financials, reflecting adjustments to its segment reporting. (SecFiling)
◾ Hyperscale Data $GPUS announced its bitcoin mining unit should mine about 375 BTC per year. (GlobeNewswire)
Restructuring, Hacks, Losses & Legal News
◾ Meta $META is suing CrushAI for running ads that promote the creation of nonconsensual, sexually explicit AI-generated images. (CNBC)
◾ The hacker who stole $23 million from the Bittrue exchange in 2023 has begun laundering the crypto through the Tornado Cash mixer. (CoinDesk)
◾ The convicted Russian founder of crypto market maker Gotbit will be deported from the US after serving 8 months in prison. (Reuters)
AI Announcements
◾ Oracle’s CEO said that OpenAI and Softbank’s Startgate AI Venture has not been formed yet. (TheInformation)
◾ Databricks plans to introduce new AI tools for non-technical business users. (TheInformation)
◾ Crusoe plans to purchase $400 million in AI chips from AMD $AMD. (Reuters)
◾ Meta $META secured an agreement to obtain 150 MW of geothermal electricity in New Mexico to power its AI facilities. (Reuters)
Protocols, Applications & Business News
◾ Walmart and Amazon are exploring whether to issue their own stablecoin. (WSJ)
◾ American Express $AXP is launching a Coinbase One Card offering up to 4% Bitcoin back on every purchase. (AmericanExpress)
Metaverse & Gaming Briefings & Activations
◾ Tencent $TCEHY is looking to buy Chinese internet giant and game publisher Nexon $NEXOY. (Bloomberg)
◾ GameStop $GME CEO says the video game retail plans to focus its business on trading cards. (Bloomberg)
Market Data
◾ Bitcoin’s difficulty is expected to drop 0.6% at his next adjustment period tonight. (Newhedge)
◾ US officials believe Huawei is only capable of producing 200,000 advanced AI chips this year. (Reuters)
Exchange, Custody & Product Updates
◾ KuCoin is launching a fully regulated exchange in Thailand. (PRNewswire)