CFTC Perp Breakthrough: Coinbase and Kalshi won the first U.S. approvals for bitcoin perpetual futures, with the CFTC also issuing guidance that keeps future “perps” under a case-by-case review—finally moving a huge derivatives slice onshore. Regulatory Capacity Debate: A policy expert warned the Clarity Act could expand the CFTC’s mandate faster than staffing and expertise, raising the risk of “regulation without oversight.” Market Structure Push: Coinbase routing U.S. clients into global perp/options liquidity via a no-action path signals a major shift in how Americans access crypto derivatives. Prediction Markets Go Pro: Wintermute is now making markets in prediction platforms with $20B+ monthly volumes, while the CFTC’s perp approvals further legitimize the broader derivatives push. Bitcoin Under Pressure: BTC is testing key support around the low-$70Ks amid ETF outflows and leveraged liquidations, with traders watching options expiry dynamics. Altcoin/Network Stress: Sui slid after a fresh mainnet outage, while Stellar jumped on tokenization-related DTCC news. Institutional Rotation: Morgan Stanley disclosed small XRP ETF holdings as big firms keep adding regulated crypto exposure. Security Reality Check: Reports highlight AI-enabled fraud and a Telegram scam using a jailbroken Gemini to steal credentials and drain crypto wallets.