Coinbase Brings Perpetual Futures Onshore as CME Sues and ETF Markets Rotate

Coinbase Launches US Perps Onshore as CME Sues CFTC Over Approval Coinbase introduced nano Bitcoin and Ether perpetual-style futures on its CFTC-regulated exchange, importing the offshore mechanism that drives 90% of global crypto leverage into U.S. markets. CME Group has filed a federal lawsuit challenging the regulatory framework that made the launch possible, setting up a high-stakes legal battle over the future of onshore crypto derivatives. 1

Bitcoin ETF Volume Hits 10-Month Low as Ether Funds Outpace BTC Inflows Bitcoin spot ETF weekly turnover sank 14% to $8.05 billion, the lowest level since October 2024. Over the same period, combined BTC and ETH spot ETFs recorded more than $152 million in net weekly inflows, with Ethereum outpacing Bitcoin for two consecutive weeks while XRP and HYPE funds posted their first negative month, signaling a clear rotation toward the largest crypto assets. 2345

Ondo Stocks Goes Live Linking NASDAQ Liquidity to Onchain 24/7 Trading Ondo launched a platform that taps directly into the order books of NASDAQ and NYSE, enabling nearly slippage-free trading of tokenized stocks around the clock. The integration solves the liquidity fragmentation that has limited previous tokenized stock platforms and positions Ondo as the largest such protocol by accessible traditional market depth. 6

Clarity Act Contains Little-Noticed Provision for Federal Digital Asset Framework A new analysis highlights a clause in the CLARITY Act that would create a comprehensive federal framework for digital asset classification and exchange registration, moving the industry beyond its current regulatory gray areas. The provision is gaining attention as the Senate bill approaches a potential vote by August 7, with the Fed's rate decision and a looming Bitcoin fork creating a 'volatility trap' that has kept BTC oscillating between $64,000 and $67,000. 78

Wise Refiles Under GENIUS Act After OCC Denial; Hyperliquid Adds DEX Whitelist Wise disclosed that the Office of the Comptroller of the Currency denied its national trust bank application and that it will refile under the GENIUS Act stablecoin framework, potentially creating a new path for bank-grade stablecoin issuance. Meanwhile, Hyperliquid's testnet introduced the 'Stars' feature, an optional transaction address whitelist for HIP-3 DEXs that enables deployers to restrict trading to KYC'd or institutional addresses, advancing regulated market capabilities on the protocol. 910