Morning Minute — Tyler Warner (opinions his own). Also: check our new daily five-minute news show on Apple Podcasts and Spotify.
Today’s big moves
1) CFTC green-lights U.S. perpetuals — markets sprint
- In what many are calling the most consequential crypto regulatory action since the Bitcoin ETF approvals, the CFTC on May 29 authorized KalshiEX’s BTCPERP — the first Bitcoin perpetual contract listed on a U.S.-regulated exchange. The cash-settled contract trades 24/7 and uses a funding mechanism tied to spot prices.
- At the same time the commission cleared a path for a Coinbase affiliate to link U.S. clients to offshore options and perpetuals via Deribit. The no-action relief lets Coinbase Financial Markets accept Bitcoin, Ethereum and stablecoins as margin for eligible customers.
- CFTC Chair Michael Selig framed it as historic: “This morning, the CFTC took historic action to permit the listing of a true Bitcoin perpetual contract by a CFTC-registered exchange, charting a path for one of the most liquid segments of the crypto asset markets.”
- The agency appears to be splitting regulatory treatment: one pathway for domestic perp listings on CFTC-registered U.S. exchanges, and another for offshore products handled as foreign futures under existing rules.
- Markets moved immediately: Coinbase jumped ~4% and Robinhood ~11% on Friday. Speculative tokens raced higher — Hyperliquid’s HYPE surged more than 30% from Thursday lows to a new all-time high of $73.50, now up ~270% year-to-date and cementing its spot as this cycle’s market darling. There’s debate whether easier legal U.S. perps help or simply invite competition for Hyperliquid — but for now the market is treating the news as bullish for HYPE.
2) Dimon vs. Armstrong — stablecoin yield fight heats up
- JPMorgan CEO Jamie Dimon publicly blasted Coinbase CEO Brian Armstrong over the Clarity Act, vowing to fight the crypto market-structure bill and telling Armstrong he’s “full of shit.”
- The clash centers on a carve-out that would let platforms offer activity-based rewards on stablecoin balances under a “bona fide activities” exception. Armstrong has pushed to preserve that carve-out; Dimon argues any yield-like rewards are deposit competition that could threaten the banking system’s deposit base.
- The Senate returns from Memorial Day recess this week; leadership says a floor vote could come within ~30 days. The bill passed committee 15–9 on May 14 and will need 60 votes to advance. Prediction markets currently put its odds of passing this year at roughly 56%.
3) U.S. seizes roughly $1B in Iranian crypto
- Treasury Secretary Scott Bessent announced the U.S. has “outright grabbed” about $1 billion in crypto tied to Iran — including Bitcoin, Ethereum and USDT — linked to the Hormuz Safe platform and related OFAC actions aimed at sanction circumvention.
- This is the largest single seizure from a hostile state actor since the DOJ’s 2022 seizure of 94,000 BTC from the Bitfinex hack.
- Questions now swirl over what Washington will do with the funds. The U.S. already holds ~200,000 BTC in a Strategic Bitcoin Reserve (SBR) from criminal and civil forfeitures. White House crypto advisor Patrick Witt said a “major announcement” on the SBR was expected soon. Rep. Begich’s American Reserves Modernization Act — which would push the government to acquire 1 million BTC over five years with budget-neutral methods — explicitly contemplates using seized assets toward accumulation.
- Iranian state media condemned the move as “an act of financial warfare,” and Tehran said its cyber units were working to counter the enforcement infrastructure.
Bottom line
Friday’s CFTC move cracks open regulated U.S. access to perpetual contracts and reshapes how perps will be governed — a major step for institutional market structure and a clear market catalyst. At the same time, Washington’s floor fights over stablecoin rules and the large Iranian crypto seizure ensure policy and enforcement will keep driving headlines and price action in short order.
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