Gravity Bridge lost 5.4 million USD due to suspected electronic lock infringement

The Cosmos-based Gravity Bridge cross-chain protocol, which connects Ethereum to the Cosmos ecosystem, has been illegally degulized about 5.4 million USD due to suspected of breaching the bridge key.

6/2/20263 min read

Kalshi is approved for the first BTCPERP

Kalshi, an event-based exchange based in New York, has announced that it will offer a Bitcoin perpetual futures contract (BTCPERP) after the CFTC approves this product based on a detailed analysis of contract terms, the basic Bitcoin spot market and compliance with the Commodity Trading Act and related regulations.

The CFTC's approval sets requirements that Kalshi must maintain compliance with all regulatory requirements, and clarifies that perpetual futures contract design "may not necessarily apply to all types of assets", encouraging other market participants to contact regulators before developing similar products.

Kalshi's CEO, Tarek Mansour, described the approval decision as Kalshi's development from a market leader in event forecasting to a next-generation derivatives exchange, with managed perpetual futures described as helping improve capital allocation and risk management for many US businesses.

The international cryptocurrency derivatives market has grown from $28 trillion in 2023 to more than $90 trillion by 2025, a previously closed market to U.S. institutions outside the federal legal framework. The CFTC approval now allows Kalshi to provide US customers with access to a officially regulated product instead of having to rely on platforms beyond the scope of management.

Coinbase's non-penalty consent letter

The Commodity Futures Trading Commission (CFTC) also issued a non-sanction letter to Coinbase Financial Markets, determining that some cryptocurrency perpetual futures products that Coinbase provides may qualify as "foreign futures" according to CFTC regulations when these products are traded through an affiliated foreign exchange.

Coinbase Financial Markets has established a plan to route its perpetual futures products through Coinbase Bermuda, a cryptocurrency derivatives trading platform, which allows CFM to provide US customers with access to internationally regulated products without requiring Coinbase to act as a CFTC-designated futures aggregator.

The no-sanction letter sent to Coinbase includes provisions that allow the deposit (escrow) of digital assets owned by customers, including bitcoin, ethereum and payment stablecoins that are allowed to be used as collateral for ethical products traded through Coinbase Bermuda.

The routing of trades abroad allows Coinbase Financial Markets to become the first CFTC-managed brokerage firm (futures commission seller) to connect US traders with the global cryptocurrency derivatives market, addressing the previous situation when U.S. institutional clients had to establish entities outside the scope of management just to access the perpetual futures market with large accounts.

An overview of the global cryptocurrency derivatives market

Eternal futures dominate the global cryptocurrency derivatives market, with a trading volume of $61.7 trillion by 2025 according to data from CryptoQuant, accounting for about 78% of the total cryptocurrency derivatives volume of $85.7 trillion.

In the past, the perpetual futures market was mainly limited to unregulated exchanges, including Deribit (acquired by Coinbase in 2025 for about $2.9 billion), Hyperliquid backed by FTX and other foreign platforms, where US traders had to use foreign exchange to access these products.

Hyperliquid, a fast-growing perpetual futures exchange, accumulated a trading volume of $586.12 billion by the end of May 2026, with total derivatives holdings reaching a record high of nearly $60 billion, showing strong demand from customers (both individuals and institutions) for access to perpetual futures products without regulatory restrictions. Hyperliquid's trading volume is equivalent to some large tightly regulated cryptocurrency exchanges, showing the user' willingness to use permanent futures products if they can access them through a regulated platform.

Evaluation and conclusion

The CFTC's approval of the perpetual futures cryptocurrency product has a director's regulation showing that US regulators under the leadership of new workers that these products provide legal value for traders and risk managers when operating under appropriate regulatory frameworks. Any work can lead to similar regulatory standards or even more supportive for other cryptocurrency products that were previously considered too risky or difficult to determine legal scope by regulators.

Approval also sets a precedent for other cryptocurrency platforms that want to provide products similar to the approval process available if companies can meet the CFTC's regulatory requirements including risk management, legal compliance, and consumer protection. A clear regulatory path can encourage developers and other cryptocurrency companies to seek CFTC approval for new derivative products instead of operating completely outside the regulatory framework.

Disclaimer: The information presented in this article is the author's personal opinion in the field of cryptocurrencies. This is not financial or investment advice at all. Every investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The opinion in the article does not represent the official position of the platform. We recommend that readers do their own research and consult experts before making any investment decisions.

Synthesized and analyzed by HCCVenture

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