Two days after the Senate stalled the CLARITY Act, the CFTC's Market Participants Division opened Phantom's March no-action position to any software provider that stays clear of custody and order routing, on ten conditions.
Perspective Coverage
5 publishers
- Builder
- Builder 42%
- Operator
- Operator 29%
- Investor
- Investor 29%
Reality
- Evidence78
- Adoption
- Not scored
- Hype gap+15
- Incentives60
- Confidence74
Circle told the European Commission that only 3 of the world's top 25 stablecoins are authorized under MiCA, in its response to the law's review. Circle issues two of the three, and it ties the gap to bank-deposit and concentration rules it wants loosened.
Perspective Coverage
5 publishers
- Builder
- Builder 18%
- Operator
- Operator 42%
- Investor
- Investor 40%
Reality
- Evidence60
- Adoption30
- Hype gap+20
- Incentives80
- Confidence65
The $480bn it waves at the SEC and CFTC is under a tenth of its own venue's volume, and the onshore category it wants to enter is one CME only reopened in July.
Reality
- Evidence60
- Adoption30
- Hype gap+25
- Incentives80
- Confidence60
Selected Hyperliquid perpetuals would trade inside a CFTC-regulated venue Payward bought for as much as $550 million, which is about 14% of one day of Hyperliquid volume. The contract list is the product.
Perspective Coverage
4 publishers
- Builder
- Builder 11%
- Operator
- Operator 38%
- Investor
- Investor 51%
Reality
- Evidence50
- Adoption12
- Hype gap+25
- Incentives65
- Confidence55
Hyperliquid's policy arm files to make perpetuals the CFTC's innovation centerpiece
Three HPC filings in four days argue perpetual contracts belong at the center of the CFTC's agenda, while CME's June suit asks a federal court to call the same product a swap rather than a future. Kalshi's approved contract sits between them.
Reality
- Evidence38
- Adoption34
- Hype gap+32
- Incentives84
- Confidence42
Hyperliquid's allies ask the CFTC to let crude hedge itself on a Sunday
HPC and trade[XYZ] want energy perpetuals on WTI, Brent and Henry Hub without new legislation. The letter's own numbers show weekend price discovery, not hedging size.
Reality
- Evidence34
- Adoption28
- Hype gap+34
- Incentives84
- Confidence41
The GENIUS Act proposal extends liability to exchanges and intermediaries, including offshore firms touching U.S. customers, and demands documented due diligence on foreign issuers.
Perspective Coverage
4 publishers
- Builder
- Builder 26%
- Operator
- Operator 41%
- Investor
- Investor 33%
Reality
- Evidence80
- Adoption20
- Hype gap−10
- Incentives58
- Confidence74
Hyperliquid and Pyth backers ask the SEC to swap the NBBO for an onchain reference price
A joint comment filed on the last day of the window argues Reg NMS Rule 611's national benchmark cannot govern trades that settle at a block boundary. The SEC now decides.
Reality
- Evidence42
- Adoption
- Not scored
- Hype gap+18
- Incentives84
- Confidence45