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NEWS: Onchain inference markets are posting record token usage.
Base-based Surplus Intelligence processed a record 312.6B tokens on Oct. 18, up from 133.6B on Sept. 23, per its dashboard. $DLPHN hit 32.2B daily tokens one week after its API went live, per @0xJeff.
Inference has emerged as x402's biggest use case, with onchain markets offering discounted models and some pseudonymity.
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NEWS: The CFTC has asked a federal judge to toss CME Group's lawsuit over U.S. perpetual futures, arguing CME lacks standing because it hasn't shown any harm.
CME sued in June to undo the CFTC's May 29 approval of Kalshi's bitcoin perp, arguing perps are swaps, not futures.
The CFTC pointed to CME's own data, showing its monthly crypto futures volume rose from about 2.66M contracts in May to 3.28M in September.
Judge Colleen Kollar-Kotelly will decide whether the case moves forward.
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NEWS: ZachXBT uncovered Monero laundering pipeline on Hyperliquid Core known as FreedomXMR, which has taken in $20M+ in inflows since August.
The funds trace back to ransomware, malware, social engineering, and exploits including DCENT Wallet, Fetch, and Gamdom.
Since August, $XMR is up 69% while $BTC is up 30%.
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The @SECGov and @CFTC are moving to end years of regulatory turf wars over crypto.
“For so many years, the two agencies have been locked in turf battles.”
“We’re ending that turf battle once and for all.”
“We’ve put in place a memorandum of understanding between the agencies to work together to make sure that we’re totally harmonized and consistent across our policies, and that includes crypto.”
“Because the tokens themselves are not the securities, but the investment contract is.”
🎬 - @ChairmanSelig
NEW EPISODE - The CFTC’s Proposed Rules to Reshape US Crypto Markets
CFTC Chair @ChairmanSelig joins @TrustlessState to unpack two proposed rules, Reg CTX and Reg CAM, that could reshape US crypto markets.
They break down how traders could use ETH and SOL as collateral, why federal licensing could replace the state-by-state patchwork for participating exchanges, and how the rules aim to prevent another FTX.
CHAPTERS
---
00:00 Intro
03:09 Why Financial Markets Need Federal Regulation
11:13 Who Actually Regulates Spot Bitcoin?
17:27 The CFTC, FinCEN, and State Regulators
22:29 The New Crypto Regulatory Trilogy
27:16 Reg CTX: Bringing Margin Trading Onshore
29:22 Reg CAM: A New Federal Exchange Framework
31:11 The Problem with 50 State Licenses
35:11 What Retail Crypto Leverage Could Look Like
39:24 Ending the SEC and CFTC Turf War
42:58 The Risks of Combining Financial Businesses
54:04 What Other Products Could This Unlock?
56:35 Where the CFTC Gets Its Authority
1:01:05 Can These Rules Survive Without the CLARITY Act?
1:05:05 Prediction Markets and the Supreme Court
1:08:11 How the Crypto Industry Can Respond
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Offshore-style crypto leverage could be coming to U.S. spot exchanges.
“You can trade on margin. You can say that I will take these assets in my wallet. Let's say you've got ETH and SOL and whatever else. You pledge those as collateral, and you can go trade.”
“It allows you to trade and effectively leverage the capital of your assets instead of just having these sit idle in your wallet.”
“The margin requirements would be set by the exchange in consultation with the CFTC.”
— @ChairmanSelig on proposed Regulation CTX
NEW EPISODE - The CFTC’s Proposed Rules to Reshape US Crypto Markets
CFTC Chair @ChairmanSelig joins @TrustlessState to unpack two proposed rules, Reg CTX and Reg CAM, that could reshape US crypto markets.
They break down how traders could use ETH and SOL as collateral, why federal licensing could replace the state-by-state patchwork for participating exchanges, and how the rules aim to prevent another FTX.
CHAPTERS
---
00:00 Intro
03:09 Why Financial Markets Need Federal Regulation
11:13 Who Actually Regulates Spot Bitcoin?
17:27 The CFTC, FinCEN, and State Regulators
22:29 The New Crypto Regulatory Trilogy
27:16 Reg CTX: Bringing Margin Trading Onshore
29:22 Reg CAM: A New Federal Exchange Framework
31:11 The Problem with 50 State Licenses
35:11 What Retail Crypto Leverage Could Look Like
39:24 Ending the SEC and CFTC Turf War
42:58 The Risks of Combining Financial Businesses
54:04 What Other Products Could This Unlock?
56:35 Where the CFTC Gets Its Authority
1:01:05 Can These Rules Survive Without the CLARITY Act?
1:05:05 Prediction Markets and the Supreme Court
1:08:11 How the Crypto Industry Can Respond
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Bankless retweeted
The CFTC’s proposed rules are a VERY big deal for crypto.
If finalized, they would:
- Enable spot margin trading for US CEX's
- Creates a federal path for US CEXs operate nationwide instead of chasing state by state licenses (makes the NY BitLicense irrelevant)
- Enables crypto assets as collateral across spot, perps, and options
A one-two punch of enabling margin activities while giving the CFTC jurisdiction over much of crypto's exchange activity
Give this episode a watch👇
NEW EPISODE - The CFTC’s Proposed Rules to Reshape US Crypto Markets
CFTC Chair @ChairmanSelig joins @TrustlessState to unpack two proposed rules, Reg CTX and Reg CAM, that could reshape US crypto markets.
They break down how traders could use ETH and SOL as collateral, why federal licensing could replace the state-by-state patchwork for participating exchanges, and how the rules aim to prevent another FTX.
CHAPTERS
---
00:00 Intro
03:09 Why Financial Markets Need Federal Regulation
11:13 Who Actually Regulates Spot Bitcoin?
17:27 The CFTC, FinCEN, and State Regulators
22:29 The New Crypto Regulatory Trilogy
27:16 Reg CTX: Bringing Margin Trading Onshore
29:22 Reg CAM: A New Federal Exchange Framework
31:11 The Problem with 50 State Licenses
35:11 What Retail Crypto Leverage Could Look Like
39:24 Ending the SEC and CFTC Turf War
42:58 The Risks of Combining Financial Businesses
54:04 What Other Products Could This Unlock?
56:35 Where the CFTC Gets Its Authority
1:01:05 Can These Rules Survive Without the CLARITY Act?
1:05:05 Prediction Markets and the Supreme Court
1:08:11 How the Crypto Industry Can Respond
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NEW EPISODE - The CFTC’s Proposed Rules to Reshape US Crypto Markets
CFTC Chair @ChairmanSelig joins @TrustlessState to unpack two proposed rules, Reg CTX and Reg CAM, that could reshape US crypto markets.
They break down how traders could use ETH and SOL as collateral, why federal licensing could replace the state-by-state patchwork for participating exchanges, and how the rules aim to prevent another FTX.
CHAPTERS
---
00:00 Intro
03:09 Why Financial Markets Need Federal Regulation
11:13 Who Actually Regulates Spot Bitcoin?
17:27 The CFTC, FinCEN, and State Regulators
22:29 The New Crypto Regulatory Trilogy
27:16 Reg CTX: Bringing Margin Trading Onshore
29:22 Reg CAM: A New Federal Exchange Framework
31:11 The Problem with 50 State Licenses
35:11 What Retail Crypto Leverage Could Look Like
39:24 Ending the SEC and CFTC Turf War
42:58 The Risks of Combining Financial Businesses
54:04 What Other Products Could This Unlock?
56:35 Where the CFTC Gets Its Authority
1:01:05 Can These Rules Survive Without the CLARITY Act?
1:05:05 Prediction Markets and the Supreme Court
1:08:11 How the Crypto Industry Can Respond
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Bankless retweeted
Great write up on Pearl, thanks for the shoutout @Bankless
This article does a good job highlighting how Pearl’s duplex work is an elegant solution to BTC’s security budget problem. Bitcoin has lost its monopoly on the megawatt to AI, a secular trend @prlnet benefits from.
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Papertrade might be crypto's most entertaining Ponzi game.
"The beauty of this fantastic Ponzi game, and I say Ponzi game endearingly. It's a great Ponzi."
"The only way to get the PAPER token is by getting liquidated."
"By staking PAPER, you become the house."
"So far, traders have lost $50 million, but $42 million has been paid out to PAPER stakers."
"Some people went onto the platform and tried to get liquidated on purpose because they want the PAPER tokens."
— @TrustlessState
WEEKLY ROLLUP: The Crypto Bull Market Just Got a Reality Check
Uptober has turned into Redtober. @RyanSAdams and @TrustlessState unpack crypto’s selloff, why the early bull market may still be intact, and how inflation and AI debt fears are rattling markets. Plus, Ledger’s $102M supply-chain attack, Bank of America’s $5B scandal, and Richard Heart’s arrest.
[TIMESTAMPS]
0:00 Intro
0:09 Redtober: Crypto Selloff & Early Bull
- @tulipking
10:38 Hot Inflation & AI Market Risks
- @KobeissiLetter
19:55 Ray Dalio's Debt Warning
26:23 Ledger's $102M Supply-Chain Attack
- @Ledger_Support
- @MagicalTux
31:34 France's Crypto Wallet Reporting Proposal
- @alistairmilne
34:52 Bank of America, CZ & Debanking
- @cz_binance
- @nic_carter
41:15 Richard Heart Arrested
- @BitcoinNewsCom
- @ercwl
- @TrustlessState
48:43 PaperTrade's 1,000x Leverage Game
- @papertrade_xyz
53:28 @solana Upgrades & @Starknet's Layer 1 Vote
57:52 @NEARProtocol Foundation & @AskVenice AI Growth
- @TheBlockCo
- @sabrinaesaquino
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The early stages of a bull market rarely feel bullish.
"In 2023, there was about seven months of oscillation, of sideways action. We had two times 17% corrections on $BTC."
"Still my base case is that we have broken the back of the bear market."
"But that doesn't mean the good times are here and it's all gonna be sunshine and rainbows and easy from here on out."
- @RyanSAdams
WEEKLY ROLLUP: The Crypto Bull Market Just Got a Reality Check
Uptober has turned into Redtober. @RyanSAdams and @TrustlessState unpack crypto’s selloff, why the early bull market may still be intact, and how inflation and AI debt fears are rattling markets. Plus, Ledger’s $102M supply-chain attack, Bank of America’s $5B scandal, and Richard Heart’s arrest.
[TIMESTAMPS]
0:00 Intro
0:09 Redtober: Crypto Selloff & Early Bull
- @tulipking
10:38 Hot Inflation & AI Market Risks
- @KobeissiLetter
19:55 Ray Dalio's Debt Warning
26:23 Ledger's $102M Supply-Chain Attack
- @Ledger_Support
- @MagicalTux
31:34 France's Crypto Wallet Reporting Proposal
- @alistairmilne
34:52 Bank of America, CZ & Debanking
- @cz_binance
- @nic_carter
41:15 Richard Heart Arrested
- @BitcoinNewsCom
- @ercwl
- @TrustlessState
48:43 PaperTrade's 1,000x Leverage Game
- @papertrade_xyz
53:28 @solana Upgrades & @Starknet's Layer 1 Vote
57:52 @NEARProtocol Foundation & @AskVenice AI Growth
- @TheBlockCo
- @sabrinaesaquino
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Bankless retweeted
A surprisingly consequential episode
The new CFTC proposed rules helps fix the patchwork state regulation that blocks US citizens access to financial products in restrictive authoritarian regimes like California and New York.
Helps do away with the Bit License, and brings CEX’s like @coinbase further under CTFC jurisdiction
EARLY ACCESS: The CFTC’s Proposed Rules to Reshape US Crypto Markets | CFTC @ChairmanSelig
New Era, New Rules
The CFTC has proposed two new rules for Crypto:
- Regulation CTX: Crypto Asset Transactions
- Regulation CAM: Crypto Asset Markets
Out now for Premium Subscribers 👇
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EARLY ACCESS: The CFTC’s Proposed Rules to Reshape US Crypto Markets | CFTC @ChairmanSelig
New Era, New Rules
The CFTC has proposed two new rules for Crypto:
- Regulation CTX: Crypto Asset Transactions
- Regulation CAM: Crypto Asset Markets
Out now for Premium Subscribers 👇
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WEEKLY ROLLUP: The Crypto Bull Market Just Got a Reality Check
Uptober has turned into Redtober. @RyanSAdams and @TrustlessState unpack crypto’s selloff, why the early bull market may still be intact, and how inflation and AI debt fears are rattling markets. Plus, Ledger’s $102M supply-chain attack, Bank of America’s $5B scandal, and Richard Heart’s arrest.
[TIMESTAMPS]
0:00 Intro
0:09 Redtober: Crypto Selloff & Early Bull
- @tulipking
10:38 Hot Inflation & AI Market Risks
- @KobeissiLetter
19:55 Ray Dalio's Debt Warning
26:23 Ledger's $102M Supply-Chain Attack
- @Ledger_Support
- @MagicalTux
31:34 France's Crypto Wallet Reporting Proposal
- @alistairmilne
34:52 Bank of America, CZ & Debanking
- @cz_binance
- @nic_carter
41:15 Richard Heart Arrested
- @BitcoinNewsCom
- @ercwl
- @TrustlessState
48:43 PaperTrade's 1,000x Leverage Game
- @papertrade_xyz
53:28 @solana Upgrades & @Starknet's Layer 1 Vote
57:52 @NEARProtocol Foundation & @AskVenice AI Growth
- @TheBlockCo
- @sabrinaesaquino
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