Latest news with #CFTC
Finextra
20 hours ago
- Business
- Finextra
Coinbase is working with Nodal Clear on using USDC as collateral for futures trading
Coinbase Derivatives and Nodal Clear are partnering to integrate USDC as collateral for US futures trading, working with the CFTC to bring this to market. 0 This is expected to be the first regulated use case of USDC as collateral and will leverage Coinbase Custody Trust as the custodian. As part of a multi-year renewal agreement, Coinbase Derivatives, LLC, a CFTC-regulated designated contract market, and Nodal Clear are partnering to integrate USDC as eligible collateral for futures targeting next year. This will mark a meaningful milestone in our push to establish USDC as a true cash equivalent, while also offering increased efficiency through near-instant money movement and secure custody. This also underscores USDC's reliability, operational advantages, and growing acceptance in traditional financial markets. Nodal Clear is a CFTC-regulated derivatives clearing organization, which is part of EEX Group, a Deutsche Börse company. As one of the most trusted stablecoins with transparent reserves and strong regulatory oversight, USDC aligns seamlessly with Nodal Clear's rigorous risk management framework, making it a natural fit for inclusion as eligible collateral. This is a significant advancement in the growth of our continued partnership with Nodal Clear. 'Our commitment to integrate USDC as collateral reflects our dedication to enhance trading capabilities for US market participants, improve operational efficiency through almost instant money movement, and ensure secure custody via Coinbase Custody Trust, a Qualified Custodian regulated by the New York Department of Financial Services.' - Boris Ilyevsky, CEO, Coinbase Derivatives, LLC 'Working with Coinbase Derivatives, we are excited to continue our relationship and provide innovation to the industry, such as our introduction of the first 24x7 margined futures in May 2025. The plans to integrate USDC as collateral represent our continued commitment to seek to be responsive to market needs and innovate. We look forward to engaging with our clearing members and the CFTC in seeking to make this a reality' - Paul Cusenza, Chairman and CEO, Nodal Clear As markets continue to evolve, stablecoins address a growing need for a more flexible and modern financial ecosystem. US regulators and legislators are making meaningful strides to support this new wave of innovation, evidenced by Congress's momentum toward passing landmark legislation that would affirm the cash equivalence of USDC and the CFTC's ongoing efforts to advance the recognition of stablecoins. The CFTC's Global Markets Advisory Committee, sponsored by current Acting Chairman Caroline D. Pham, on November 21st, 2024 advanced a recommendation to expand the use of non-cash collateral through the use of distributed ledger technology. The heightened focus and continued progress of regulators is paving the way for widespread adoption of USDC. Coinbase is proud to drive the next chapter forward with USDC at the core of revolutionizing the global financial system. Why USDC? USDC is a fully-reserved US dollar-backed stablecoin co-founded by Circle and Coinbase. As a regulated and widely adopted digital dollar, USDC enables near instant transactions and has become foundational infrastructure across both centralized and decentralized financial platforms. Its reliability and compliance-first framework make it uniquely suited for integration into traditional financial markets.
Crypto Insight
a day ago
- Business
- Crypto Insight
Circle's USDC to become eligible collateral for US futures trading
Coinbase Derivatives is expanding its partnership with clearinghouse Nodal Clear to bring Circle's USDC stablecoin into US futures markets as eligible collateral. On Wednesday, the companies announced that USDC will now be accepted as collateral for margined futures trading, a move designed to encourage stablecoin adoption in regulated derivatives markets. The integration is subject to approval by the Commodity Futures Trading Commission (CFTC), with Coinbase Derivatives and Nodal Clear working with the authority to bring USDC to the US futures market. 'This is expected to be the first regulated use case of USDC as collateral and will leverage Coinbase Custody Trust as the custodian,' Coinbase Derivatives said in the announcement. 'A true cash equivalent' Coinbase Derivatives and Nodal Clear target the UDSC's debut as an eligible collateral for US futures sometime in 2026. Nodal Clear, a CFTC-regulated derivatives clearing organization, is part of EEX Group, which belongs to the German multinational corporation Deutsche Börse. Coinbase Derivatives is also a CFTC-registered designated contract market that lists for trading derivatives contracts based on an underlying commodity. 'This will mark a meaningful milestone in our push to establish USDC as a true cash equivalent, while also offering increased efficiency through near-instant money movement and secure custody,' Coinbase Derivatives said in the announcement, highlighting the stablecoin's reliability, operational advantages and growing acceptance in traditional financial markets. Nodal enabled clearing for Coinbase Derivatives in May The newly announced USDC collateral plan is not the first partnership between Coinbase and Nodal Clear. In May, Nodal Clear started offering support for trading of select cryptocurrency futures contracts on Coinbase Derivatives Exchange (CDE), including Bitcoin Futures (BTI), Ether Futures (ETI), nano Bitcoin Futures (BIT) and nano Ether Futures (ET). Trading futures contracts on Coinbase supported by Nodal. Source: Nodal Clear 'Working with Coinbase Derivatives, we are excited to continue our relationship and provide innovation to the industry, such as our introduction of the first 24×7 margined futures in May 2025,' Nodal Clear chairman and CEO Paul Cusenza said. He added: 'The plans to integrate USDC as collateral represent our continued commitment to seek to be responsive to market needs and innovate. We look forward to engaging with our clearing members and the CFTC in seeking to make this a reality.' The news comes after USDC issuer Circle went public on the New York Stock Exchange on June 5, with its CRCL shares opening trading at $69. Circle's USDC partner, Coinbase (COIN), has already been publicly trading for more than four years after its Nasdaq launch in April 2021. Source:
Economic Times
2 days ago
- Business
- Economic Times
Cryptocurrency Live News & Updates : Bitcoin Drops Amid Trump's Iran Comments
In recent developments, Bitcoin experienced a notable decline following comments from former President Donald Trump regarding Iran's supreme leader, which heightened geopolitical tensions. The cryptocurrency fell sharply before recovering slightly, reflecting a broader weakening of crypto sentiment as indicated by the Fear & Greed Index. Meanwhile, Gemini has taken a stand against the CFTC, alleging misconduct in a prolonged legal battle stemming from a 2022 lawsuit. The exchange claims the CFTC's actions were driven by personal ambition rather than public interest. In the derivatives market, Binance Futures is set to launch new perpetual contracts, MYXUSDT and FUSDT, with significant leverage options, catering to rising interest in decentralized finance. Additionally, Bitcoin traders are closely monitoring the Federal Reserve's upcoming dot plot, which could influence market dynamics, especially if the Fed signals fewer rate cuts than expected. Lastly, Ark Invest has sold a substantial amount of Circle shares following the Senate's approval of the GENIUS Act, which aims to regulate stablecoin issuers, indicating a strategic shift in their investment approach. Bitcoin's price fell from $104,310 to $103,553 after Trump labeled Iran's supreme leader an 'easy target,' raising geopolitical tensions. The Fear & Greed Index also dipped to neutral, with analysts warning of a potential drop below $100,000. Bitcoin Drops Amid Trump's Iran Comments Bitcoin's price fell from $104,310 to $103,553 after Trump labeled Iran's supreme leader an 'easy target,' raising geopolitical tensions. The Fear & Greed Index also dipped to neutral, with analysts warning of a potential drop below $100,000. Gemini Accuses CFTC of Misconduct in Probe Gemini has lodged a complaint against the CFTC, claiming the agency's seven-year investigation is unfounded and driven by personal ambition rather than public interest. Binance Futures Introduces MYXUSDT and FUSDT Contracts Binance Futures will launch MYXUSDT and FUSDT perpetual contracts on June 18, offering up to 50x leverage and settling in USDT. Bitcoin Traders Focus on Fed's Dot Plot Insights Traders are anticipating the Federal Reserve's dot plot for future market direction, despite expectations of steady interest rates at 4.25%–4.50%. A hawkish outlook could pressure Bitcoin prices, while a dovish surprise may reignite momentum. Ark Invest Divests $45M in Circle Shares Post-GENIUS Act Ark Invest sold 300,108 shares of Circle Internet Group for $44.7 million following the Senate's approval of the GENIUS Act, which regulates stablecoin issuers. Feniix Energy Acquires $75 Million Assets via Blockchain Feniix Energy has successfully acquired $75 million in oil and gas assets through blockchain tokenization, utilizing Global Settlement's GSX protocol for instant settlement and transparency. Binance Halts IoTeX Transactions for Upgrade Binance will temporarily suspend IoTeX (IOTX) network deposits and withdrawals starting June 19, 2025, to implement a network upgrade and hard fork aimed at improving user experience. SHIB Long Positions Liquidated Amid Bearish Sentiment The SHIB long/short ratio has fallen to 0.9298, indicating a bearish trend, with over $1.8 million in long positions liquidated since June 12. Despite a 10% price drop this week, SHIB holds key support at $0.00001100, with signs of a potential bullish reversal. Vanadi Coffee Boosts Bitcoin Holdings by 20 Coins Spanish coffee chain Vanadi Coffee has increased its Bitcoin reserves by 20 coins, bringing its total to 30 Bitcoins. JustLend DAO's TVL Exceeds $6.19 Billion JustLend DAO, a prominent DeFi platform in the TRON ecosystem, has surpassed a total value locked (TVL) of $6.19 billion, with over $123 million in funding and a user base exceeding 471,000. Accumulator Strategy Beats DCA for Bitcoin Investment Research by OrBit Markets reveals that the accumulator strategy has outperformed dollar-cost averaging (DCA) for Bitcoin over the past 2.5 years, offering lower acquisition costs, particularly for corporate and long-term investors. DeFi Lenders Approach $60B in Assets Amid Growth A report reveals that the total value locked in DeFi lending protocols is nearing $60 billion, driven by institutional participation and the integration of DeFi into user-facing applications. Onyxcoin Sees 11% Price Drop: Causes Explained Onyxcoin's price dropped 10.98% from $0.01421 to $0.01319, likely due to broader market weakness and technical factors, though it has since partially recovered to $0.01339. New York Officials Bust Crypto Scam Targeting Russians New York authorities have disrupted a cryptocurrency scam aimed at the Russian community, recovering $140,000 and freezing $300,000 in stolen assets. The investigation revealed scammers used fake investment ads on social media to deceive victims, resulting in over $1 million in losses. XRP Falls 5% Amidst Heavy Selling Pressure XRP experienced a 4.5% decline in 24 hours, dropping from $2.254 to $2.164 due to increased sell pressure and macroeconomic uncertainties. Concerns Raised Over South Korean Won Stablecoin South Korean Central Bank Governor Rhee Chang-yong expressed reservations about a won-backed stablecoin, citing potential complications in foreign exchange management and the need for central bank regulation. SUI Experiences Volatility; Trading Volume Increases SUI faced a volatile trading day, fluctuating 7.3% between $2.71 and $2.92, ultimately closing at $2.78. Trading volume surged 11% above the 30-day average, indicating strong market participation during this reversal. DOJ Moves to Seize $225M from Crypto Scams The U.S. Department of Justice has initiated action to forfeit over $225 million in cryptocurrency linked to extensive pig butchering scams, primarily involving Tether (USDT). Ethereum's Institutional Capital Surge Cannot Be Overlooked Ethereum has seen significant institutional capital inflows, including a $425 million allocation from SharpLink Gaming, yet trader confidence remains low as ETH struggles to break out of consolidation. Crypto Funding Rates Indicate Bearish Market Sentiment Funding rates on major exchanges reveal a neutral to slightly bearish sentiment in the market, with many cryptocurrencies showing rates below the bullish threshold of 0.01%. U.S. Jobless Claims Data to Release Tonight The U.S. Department of Labor will publish initial jobless claims for the week ending June 14 at 16:30 UTC+4, a key indicator of labor market health that can influence market volatility. Fixing the Flaws in the GENIUS Bill The Senate's GENIUS Act aims to regulate stablecoins, but faces criticism for potential inefficiencies and redundancy. Experts advocate for the Federal Reserve as the sole regulator to streamline oversight. Coinbase Launches USDC Payment Solution on Shopify Coinbase has introduced a new stablecoin payment infrastructure that enables Shopify merchants to accept USDC transactions seamlessly, enhancing the integration of traditional commerce with blockchain technology. Bitcoin Tests 50-Day Support; XRP Faces Bearish Risks Bitcoin's price has revisited its 50-day simple moving average, which has historically provided support. A failure to maintain this level could trigger a drop below $100,000, while XRP is showing signs of a potential bearish shift. Ethereum (ETH) Hits 2,500 USDT with Minor Dip As of June 18, 2025, Ethereum has surpassed the 2,500 USDT mark, currently trading at 2,506.92 USDT, reflecting a slight 0.33% decrease over the past 24 hours. Powell: Labor Market Cooling Not a Concern Federal Reserve Chair Jerome Powell stated that the gradual cooling of the labor market is not alarming, citing strong participation and healthy wage growth as positive indicators. BNB Chain Launches Access-Fi for Web3 Monetization BNB Chain has unveiled Access-Fi, a new social finance initiative designed to monetize Web3 content, enhancing interactions among creators, KOLs, and fans through projects like Reach Me and Pieverse. U.S. Jobless Claims Hold Steady Mid-June Initial unemployment claims in the U.S. for the week ending June 14 remained at 245,000, aligning with expectations, while continuing claims slightly exceeded forecasts at 1.945 million. UNI Surges 70% Since April Lows, Up 24% Monthly UNI has increased by 1.56% in the last 24 hours, currently trading at $7.4671 after a 70% rise from its April low of $4.551, marking seven weekly gains in eight weeks. Bitcoin (BTC) Falls Below 104,000 USDT As of June 18, 2025, Bitcoin has dipped below 104,000 USDT, currently trading at 103,951.51 USDT, reflecting a 1.43% decline over the past 24 hours. Lion Group Holding Unveils $600M HYPE Treasury Plan Lion Group Holding Ltd announces a $600 million initiative to establish a treasury strategy focused on Hyperliquid (HYPE), following a similar $50 million commitment from Eyenovia. Powell Addresses Tariff Effects on Economy Federal Reserve Chair Jerome Powell indicated that the effects of tariffs will vary based on their levels, warning that recent tariff hikes could pressure economic activity and fuel inflation. BNB Falls Below 640 USDT Amid Market Decline As of June 18, 2025, BNB has dipped below 640 USDT, currently trading at 639.53 USDT, reflecting a 2.23% decrease over the last 24 hours. BlackRock's $2.9B Fund Accepted as Collateral on Crypto Platforms The BlackRock USD Institutional Digital Liquidity Fund (BUIDL) is now accepted as collateral on and Deribit, allowing institutional traders to leverage their positions while earning yield on the underlying assets. Justin Sun and Trump: A Billion-Dollar Crypto Alliance Tron's reverse merger with SRM Entertainment, valued at $210 million, highlights Justin Sun's strategy and the influence of Donald Trump's network on market perception. Ethereum Holds Steady at $2.5K Amid Market Volatility Ethereum remains resilient at the $2,500 support level, showing a consolidation pattern as traders anticipate a potential 'golden cross' on the charts. Fed Maintains Rates, Predicts Slower Growth and Inflation Bitcoin's price remains stable as the U.S. Federal Reserve holds interest rates steady at 4.25%-4.50%, revising growth and inflation forecasts downward. Fed Officials Split on 2025 Rate Cuts The Federal Reserve's dot plot shows a divide among officials on interest rate cuts for 2025, with seven opposing cuts, while others propose reductions ranging from 25 to 75 basis points.
CNBC
4 days ago
- Business
- CNBC
Tron to go public after U.S. halts legal action against founder Justin Sun: CNBC Crypto World
On today's episode of CNBC Crypto World, bitcoin and ether rebound after last week's pullback. Plus, Tron founder Justin Sun prepares to take his company public in the U.S. through a reverse merger. And, Caroline Pham, commissioner at the CFTC discusses what should be next for the regulator as she prepares to step down from the agency.
Bloomberg
4 days ago
- Politics
- Bloomberg
William T. Bagley, CFTC's Beleaguered First Chairman, Dies at 96
William T. Bagley, a veteran California legislator who moved to Washington to preside over the chaotic first years of the Commodity Futures Trading Commission as its founding chairman, has died. He was 96. He died on June 9 at his home in San Rafael, California, said his wife, Diane. He had dementia for a number of years, she said.
