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SEC and CFTC seek public comment on derivatives definitions as CME sues over perpetual futures
The CFTC and SEC issued a joint request for public comment on updating and clarifying derivatives product definitions, including the definitions of "swaps" and "security-based swaps," as well as the treatment of novel products such as prediction market event contracts and perpetual futures. CFTC Chair Michael Selig said the request presents "an opportunity to address longstanding ambiguities within Title VII of Dodd-Frank that have stifled fair competition and responsible innovation," while SEC Chair Paul Atkins said clarification was "long overdue." The joint initiative comes as the CFTC faces a lawsuit from CME Group over its decision to approve Kalshi's offering of perpetual futures in the US, classifying them as futures contracts rather than swaps. CME alleges that in doing so, CFTC Chair Selig overrode the stated definition of a "swap" and circumvented the required regulatory regime, arguing that the approval "ushered new entrants into CME's retail futures market that seek to compete with CME for retail customers." CME Group CEO Terrence Duffy told CNBC earlier in the week that perpetual futures should be regulated as swaps. The CFTC told The Block it intends to seek dismissal of the lawsuit, saying it runs counter to the Trump administration's pro-innovation agenda.
US spot bitcoin ETFs post sixth consecutive week of net outflows totaling $5.94 billion
US spot bitcoin ETFs recorded $226.8 million in net outflows in the week ending June 18, extending their losing streak to six consecutive weeks and marking the longest consecutive run of weekly net outflows on record, with total outflows over the period reaching $5.94 billion according to SoSoValue data. Analysts pointed to capital rotation toward AI equities as a key driver, with BTSE COO Jeff Mei noting that investor attention has shifted toward the AI sector ahead of anticipated IPOs from companies such as OpenAI and Anthropic. However, the pace of outflows has slowed significantly, from $1.72 billion in the first week of June to just over $226 million last week, leading CoinEx Chief Analyst Jeff Ko to suggest "the selling wave is largely exhausting itself rather than accelerating," and noting that a meaningful portion of outflows reflects rates, basis, and arbitrage unwinds rather than pure spot demand leaving the asset. Bitcoin has stabilized around $64,000 amid encouraging early progress in US-Iran talks in Switzerland, though new Fed Chair Kevin Warsh's unexpectedly hawkish stance last week — reaffirming a strict commitment to the 2% inflation target — has kept a lid on risk appetite. "Crypto is currently decoupled from equities and is likely to stay choppy until we get either dovish guidance from Warsh or a clear positive catalyst on the crypto side, passage of the Clarity Act being the obvious one," Ko said.
South Korea's Toss Bank partners with Solana Foundation to build blockchain-based global financial infrastructure
South Korea's Toss Bank has signed a memorandum of understanding with the Solana Foundation to explore integrating its existing financial services into a blockchain-based digital financial infrastructure, starting with a global remittance and settlement proof-of-concept using Solana. In the first phase, Toss Bank will verify the technical feasibility of stablecoin remittances on Solana, before testing with overseas partners and verifying anti-money laundering and know-your-customer processes in subsequent phases. The two parties will also review blockchain-based payment and settlement models and explore financial services using stablecoins and digital assets. "We will work together to build a future where Toss Bank's 15 million customers can experience faster and more cost-effective global digital finance with Solana," said Jin-hyun Park, head of strategy at Toss Bank. The collaboration will build on the bank's existing overseas remittance services, which already cover 30 countries and seven major currencies. The Solana Foundation has been expanding its footprint in South Korea through partnerships with institutions including Shinhan Card and Hanhwa Asset Management, though all remain at the proof-of-concept stage as local crypto regulations continue to develop.
Republican lawmaker introduces bill to ban Congress members from betting on political outcomes in prediction markets
Republican Rep. Bryan Steil introduced the Stop Lawmakers from Predicting Act, which would prohibit lawmakers, their spouses, and dependents from placing bets on prediction markets involving specific government actions, policies, or political outcomes. "Lawmakers should be writing policy, not wagering on its outcome," Steil said, framing the bill as essential to restoring public trust in elected officials. The legislation comes as prediction markets such as Kalshi and Polymarket have surged in popularity, fueling concerns that traders could profit from nonpublic information. Those concerns intensified earlier this year when an anonymous Polymarket user earned more than $400,000 betting on Venezuelan President Nicolás Maduro's removal from power, with prosecutors subsequently arresting active-duty US Army soldier Gannon Ken Van Dyke, who allegedly used confidential information to place the bet. Lawmakers who violate the proposed rules would face fines of close to $2,000 or 10% of the transaction value, whichever is greater, plus any net gains realized from the bet. The bill builds on the Stop Insider Trading Act, which targets stock trading by lawmakers and their families, and follows a Senate move last month to bar its own members from prediction market trading. Both Kalshi and Polymarket have said they have taken steps to curb insider trading on their platforms.
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💬 EXPERT OPINION
Risk comes from not knowing what you are doing.”
📊 METRIC OF THE WEEK
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GLOSSARY CORNER A Bitcoin ETF (Exchange-Traded Fund) is a financial product traded on traditional stock exchanges that tracks the price of Bitcoin, allowing investors to gain exposure to Bitcoin's price movements without directly owning or managing the cryptocurrency itself. | EDITOR’S CHOICE |
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