Blockchain & Digital Assets Weekly Briefing - Week 37
- danae317
- Sep 12
- 19 min read
Updated: Sep 20
Week ending 12th September 2025
The digital asset world isn’t slowing down — and this week’s headlines prove it. Kazakhstan is taking a bold step toward financial innovation with its newly announced national crypto reserve, signaling a state-level embrace of blockchain-backed monetary systems. Meanwhile, Sir Stelios Haji-Ioannou, the founder of EasyJet, is turning his attention from budget travel to low-fee crypto with the launch of EasyBitcoin, aiming to make Bitcoin as accessible as air travel.
On Wall Street, heavyweights Nasdaq, BlackRock, and Fidelity are doubling down on tokenization, betting that digitized real-world assets will be the next major market. Cantor Fitzgerald is also making waves with a hybrid product that combines gold’s stability with Bitcoin’s growth potential, giving investors a unique hedge-and-upside play. And in Asia, Vietnam has greenlit a five-year crypto trading pilot, marking a cautious but meaningful step toward integrating digital assets into its economy.
Beyond the Brief, we also explore two deeper themes shaping the industry’s future:
From Browsing to Delegation: How the agentic web could transform how users interact with digital assets and create value online.
Bringing Perpetual Futures Into the Mainstream: The latest SEC, CFTC, and institutional moves that could normalize perpetual futures for a wider audience.
This issue breaks down what these moves mean for investors, innovators, and regulators — and why they might define the next chapter of the digital economy.
Kazakhstan takes bold step with national crypto reserve.
From low-cost planes to low-fee crypto: EasyJet founder bets on 'EasyBitcoin.
Nasdaq, BlackRock, and Fidelity: Wall Street’s big bet on tokenized assets.
“Gold safety net meets Bitcoin upside” — Cantor Fitzgerald’s new hybrid fund explained.
Vietnam's five-year crypto trading pilot: a controlled leap into digital assets.
Beyond the Brief
Kazakhstan takes bold step with national crypto reserve
In a significant move that could reshape its financial strategy, Kazakhstan is preparing to build a national cryptocurrency reserve. In a Monday address to the nation, President Kassym-Jomart Tokayev ordered the creation of a State Digital Assets Fund under the National Bank's investment corporation.
"Considering current trends, priority should be given to crypto assets," Tokayev stated, according to a press release from the president’s office. "a State Digital Assets Fund should be established... to build a strategic crypto reserve composed of the most promising assets in the emerging digital financial landscape."
This marks one of the clearest signals yet that Kazakhstan wants to integrate digital assets into its long-term economic planning. The move comes as the country continues to balance its role as one of the world's largest Bitcoin mining hubs with concerns about energy use, regulation, and financial stability. For those interested in the official announcement, it was published on Kazakhstan’s presidential Telegram channel here.
What This Means
Tokayev’s announcement suggests a shift from merely regulating crypto to actively accumulating it as a strategic reserve — a move more commonly associated with gold or foreign currencies. The establishment of a government-backed crypto reserve could position Kazakhstan as a first mover among emerging markets.
However, questions remain:
Asset Selection: Which digital assets will Kazakhstan consider “promising”? Bitcoin and Ethereum seem likely candidates, but the lack of specifics leaves room for debate.
Governance & Transparency: How will the fund operate? Investors will be watching closely to see if this initiative is transparent and insulated from political interference.
Energy & Infrastructure: With Kazakhstan’s Bitcoin mining industry already straining its power grid, a national crypto reserve could further spotlight the country’s energy strategy.
Global Implications
If implemented effectively, this initiative could set a precedent for other nations considering crypto as part of sovereign wealth or reserve management. At the same time, it introduces risks: crypto volatility could expose Kazakhstan’s reserves to significant short-term swings, and global regulators may scrutinize the move.
For the digital asset community, Kazakhstan’s decision is a sign that crypto is evolving from a speculative asset to a tool of statecraft. This move could be an early indicator of countries beginning to hold digital assets as part of their national reserves.
Why It Matters
Market Signal: A government-backed crypto reserve could boost confidence in Bitcoin and other major assets, potentially driving demand.
Mining Sector Impact: Kazakhstan’s miners may benefit from greater policy support, though energy restrictions could still limit capacity.
Global Trendwatch: If successful, other resource-rich nations may follow Kazakhstan’s lead, accelerating institutional adoption.
The next key development will be the release of details on the fund’s governance, allocation strategy, and timeline .
From low-cost planes to low-fee crypto: EasyJet founder bets on 'EasyBitcoin
Stelios Haji-Ioannou, the visionary behind EasyJet’s budget airline revolution in 1995, is now charting a new course—into the world of cryptocurrency. Under his brand umbrella, EasyGroup Ltd will soon roll out "EasyBitcoin", a low-cost Bitcoin trading platform designed to simplify access for everyday investors.
A Familiar Name, Repurposed for Crypto
Haji-Ioannou is applying the same no-frills ethos that redefined European air travel to Bitcoin trading. By partnering with Uphold—a regulated trading and custody provider—EasyGroup will handle marketing efforts while Uphold ensures the technical backbone, including compliance, security, and institutional-grade custody.
Democratizing Bitcoin
“With Trump’s re-election making Bitcoin ‘completely mainstream,’” Haji-Ioannou sees an opportunity to address steep commission fees in the crypto market. EasyBitcoin aims to offer transparent, low-fee access to digital assets, targeting retail investors who crave simplicity and affordability.
A Bold Move in a Crowded Field
Crypto trading is dominated by giants like Binance—holding nearly 40% market share—along with MEXC, Coinbase, and Kraken. EasyBitcoin will need to leverage its cost advantage and brand clarity to distinguish itself amid intense competition.
Challenges on the Horizon
While the airline market benefited from deregulated operations, crypto operates under far more turbulent regulatory conditions. Successful execution will hinge on balancing ultra-low fees with robust security, scalable infrastructure, and adherence to evolving rules.
What It Signals for Crypto Adoption
Haji-Ioannou’s venture may signal a shift: when traditional business leaders with conservative reputations enter the crypto space, it lends credibility and signals maturation. If EasyBitcoin succeeds—or even just gains traction—it could pressure incumbents to enhance accessibility, transparency, and cost efficiency.
Nasdaq, BlackRock, and Fidelity: Wall Street’s big bet on tokenized assets
Nasdaq Seeks SEC Approval to Launch Tokenized Stocks
Nasdaq has formally requested approval from the U.S. Securities and Exchange Commission (SEC) to list and trade tokenized versions of equities and ETFs alongside traditional securities. The exchange emphasizes that these tokenized assets would carry the same rights and privileges as their non-tokenized counterparts, including voting rights, dividends, and execution priority. This initiative aims to integrate blockchain technology into the U.S. equity markets without compromising investor protections. As the file states:
"A security may be traded in the Nasdaq Market Center in either traditional form (a digital representation of ownership and rights, but without utilizing distributed ledger (“blockchain” technology)) or tokenized form (a digital representation of ownership and rights which utilizes blockchain technology)."
Investor Protection Considerations
The proposal comes as regulators warn that some tokenized stock offerings currently in the market are not equivalent to owning shares. Across Europe and on certain crypto platforms, tokenized equities often provide only price exposure without voting rights, dividends, or legal ownership.
The European Securities and Markets Authority (ESMA) has cautioned that this could lead to investor confusion.
Robinhood EU, for instance, offers blockchain-based tokens for U.S. stocks but explicitly says they are not actual shares and do not carry shareholder rights.
As Gemini and other analysts note, whether a token provides ownership or voting rights depends entirely on its design and the legal framework in which it is issued.
By contrast, Nasdaq’s approach aims to avoid these pitfalls by making full parity with the underlying stock a requirement.
Nasdaq's $50 Million Investment in Gemini
In a major strategic move, Nasdaq announced plans to invest $50 million in the cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss. The investment comes ahead of Gemini’s anticipated IPO under the ticker symbol GEMI, signaling Nasdaq’s growing commitment to the digital asset ecosystem. Beyond the investment, Gemini will become a distribution partner for Nasdaq’s trade management system, known as Calypso, and this partnership will allow the stock exchange to offer Gemini’s custodial services to its financial institution clients. Together, these initiatives are designed to deepen Nasdaq’s footprint in cryptocurrency trading, custody, and tokenized asset infrastructure, bridging the gap between traditional finance and emerging blockchain-based markets.
BlackRock Explores Tokenizing ETFs
BlackRock is the world’s largest asset manager, overseeing roughly $12.5 trillion in total assets under management as of 2025.
Its ETF arm — iShares — has recently passed $5 trillion in global ETF AUM.
Following the success of its Bitcoin ETF, BlackRock Inc. is exploring how to make exchange-traded funds (ETFs) available as tokens on the blockchain. The firm is considering tokenizing funds tied to real-world assets, such as stocks, subject to regulatory considerations. This move aims to bring one of Wall Street’s biggest investment products into the digital age, potentially enhancing liquidity and accessibility for investors.
Fidelity Launches Tokenized Money Market Fund
Fidelity Investments has ventured into the tokenized asset space with the launch of the Fidelity Digital Interest Token (FDIT). This token represents a share in Fidelity's Treasury Digital Fund (FYOXX), a money market fund primarily invested in U.S. Treasury securities. As of early September 2025, FDIT has surpassed $200 million in assets under management, marking a significant entry into the rapidly growing tokenized U.S. Treasuries market.
FDIT operates on the Ethereum blockchain, leveraging its capabilities to offer features such as fractional ownership and real-time settlement. The fund is anchored by Ondo Finance, which holds a substantial portion of FDIT's assets, utilizing them as a reserve asset for its OUSG yield token.
Key Players in Tokenized Asset Trading
When an ETF or fund is tokenized, several specialized actors work together to make the market function smoothly.
Market makers provide liquidity by continuously buying and selling tokens on-chain, ensuring investors can trade without large price swings. They may hedge their exposure by trading the underlying real-world ETF shares off-chain, but their main job is keeping the token market active and stable.
Prime brokers hold the actual underlying assets—stocks, bonds, or Treasuries—and reconcile them with the tokens issued on-chain. They act as a bridge between the blockchain and traditional financial infrastructure, ensuring each token truly represents a real asset.
Other actors, such as custodians and clearing firms, may also participate to maintain regulatory compliance and proper settlement.
While these roles exist in traditional off-chain ETFs, their responsibilities expand in tokenized markets: prime brokers now track tokens versus underlying assets, and market makers focus specifically on on-chain liquidity.
Firms Already Exploring or Offering Tokenized Products
The market for tokenized assets is still relatively small—roughly $28 billion, according to tracker RWA.xyz—compared with the multi-trillion-dollar U.S. ETF industry. Several well-known financial and crypto firms are either already offering tokenized investment products or actively pursuing them. These include:
Franklin Templeton — offers tokenized funds, especially in money-market and fixed income categories. Their funds are available on Stellar; Polygon; Arbitrum; Coinbase’s Base; Avalanche; Aptos; Solana
BlackRock (via its BUIDL platform) — exploring tokenized ETFs and building infrastructure for blockchain-based securities. BUIDL is available on Ethereum; then expanded to Aptos, Arbitrum, Avalanche, Optimism (OP Mainnet), Polygon; also Solana;
Fidelity — has launched the Fidelity Digital Interest Token (FDIT), a tokenized money market fund backed mainly by U.S. Treasuries, operating on Ethereum;
Robinhood EU — offering blockchain-based stock tokens for European customers (though often without full legal ownership or shareholder rights), operating on Arbitrum (Layer 2 on Ethereum);
Gemini — working with Nasdaq via investment, offering custody services, and developing tokenization infrastructure; Gemini now allows eligible EU users to trade tokenized ETFs fully onchain, giving them direct access to major exchange-traded funds starting August 20, and using Arbitrum;
Coinbase — has made tokenized equities a “huge priority,” and is seeking SEC approval to offer such products in the U.S.. Coinbase offers non-US users to trade tokenized stocks and ETFs through EU-compliant partnerships like xStocks and WBCOIN, which are backed by real-world assets using Base (Ethereum Layer-2).
These initiatives demonstrate a growing institutional interest in tokenized financial instruments, even as adoption remains early-stage and regulatory frameworks continue to evolve. As Larry Fink, CEO of BlackRock put it:
"Every stock, every bond, every fund—every asset—can be tokenized. If they are, it will revolutionize investing."
However, experts note that while tokenization could eventually streamline trading and settlement, a wholesale move of public markets onto blockchain is unlikely in the near term due to technology, regulation, and market structure hurdles.
“Gold safety net meets Bitcoin upside” — Cantor Fitzgerald’s new hybrid fund explained
Cantor Fitzgerald Asset Management (CFAM), a financial heavyweight managing almost $17 billion in assets, has launched a new structured investment product, the Gold Protected Bitcoin Fund, L.P., blending bullish exposure to Bitcoin with downside protection derived from gold.
Here’s a breakdown of what the fund offers, what it may deliver, and what risks are still baked in.
What the Fund Offers
Bitcoin Upside, Partially Captured. Over a five-year time horizon, investors get 45% of Bitcoin’s uncapped appreciation, before fees and expenses. If Bitcoin goes up 300%, you’d get +135% — still just 45% of the total increase, but there’s no maximum cap.
Gold as a Safety Buffer. If Bitcoin falls in value, the fund uses the performance of gold to protect up to 100% of the original investment. That is, the downside risk is mitigated—assuming gold moves favourably.
Longer Time Horizon. The five-year structure is intentional: it aims to diminish short-term volatility and reduce exposure to correlation spikes (which tend to occur in turbulent markets).
Target Investors. This is a product for accredited investors who want crypto exposure but are concerned about the usual roller-coaster ride. It’s structured to offer some peace of mind.
“This gold-protected Bitcoin strategy spans five years and tackles both risks head-on: it captures Bitcoin’s upward trajectory while gold provides a safety net that historically performs well when markets decline,” added Bill Ferri, Global Head of CFAM.
The Trade-Offs & Risks
No financial product is perfect, and this one carries several caveats:
Partial Exposure to Bitcoin. You get only 45% of Bitcoin’s upside. So if Bitcoin skyrockets, you’ll miss out on over half the gains compared to owning it outright.
Reliance on Gold Performance. The protection “works” only if gold behaves as expected. If gold doesn’t rise (or worse, falls), it may provide little relief.
Illiquidity & Fees. Structured funds often involve fees, complexity, and potential illiquidity. The standard disclaimers apply: past performance isn’t a guarantee of future results.
Accredited Investor Only. Access is restricted, which means this isn’t a solution for typical retail investors. That could limit democratization of such hybrid exposure.
Market & Correlation Risk. While gold is often seen as a hedge, there are periods when correlations (between risk assets like crypto and gold) shift unfavourably. Over a five-year span, unexpected regulatory, macroeconomic or technological changes could affect either leg (Bitcoin or gold) in ways not anticipated.
Verdict: A Signal of Crypto’s Maturing Market
Cantor Fitzgerald’s Gold-Protected Bitcoin Fund highlights how digital assets are increasingly being integrated into traditional financial engineering. This product treats Bitcoin less like a speculative gamble and more like a strategic portfolio component—worthy of hedging and risk-management tools typically reserved for equities or commodities.
By combining Bitcoin exposure with gold’s defensive properties, Cantor is acknowledging two things: (1) institutional demand for crypto remains strong, and (2) volatility is still the biggest barrier for many participants. The fund may not suit purists seeking full exposure, but it represents another step in building structured, risk-adjusted vehicles that could make digital assets more palatable for mainstream capital allocators.
Vietnam's five-year crypto trading pilot: a controlled leap into digital assets
Vietnam has officially embarked on a five-year pilot program to regulate cryptocurrency trading, marking a significant shift from its previously cautious stance towards digital assets. Deputy Prime Minister Ho Duc Phoc signed Resolution 05/2025/NQ-CP on September 9, 2025, authorizing this experimental framework aimed at integrating digital assets into the country's financial system under stringent controls.
Vietnam's Evolving Digital Asset Landscape
Vietnam is cautiously advancing its digital asset initiatives. In June 2025, the National Assembly passed the Law on Digital Technology Industry, granting legal recognition to certain digital assets and establishing a framework for their regulation. Effective January 2026, the law primarily covers domestically-issued, tokenized assets—such as stablecoins or tokens backed by real-world assets like gold, real estate, or other commodities. It does not legalize decentralized cryptocurrencies like Bitcoin or Ethereum for trading or payments.
Further demonstrating its commitment, Vietnam has approved the first sandbox trial for a crypto asset conversion project in Da Nang. The Basal Pay platform, developed by AlphaTrue Solutions, facilitates direct conversion between crypto assets and fiat money within seconds. Operating under the city's controlled fintech sandbox environment, Basal Pay integrates international standards, including the Financial Action Task Force's Travel Rule, to ensure compliance with anti-money laundering and counter-terrorism financing regulations. This initiative is part of Vietnam's broader strategy to transform digital assets into real economic value, as outlined in the Politburo's Resolution No. 57.
Additionally, a strategic partnership between the Vietnam Blockchain and Digital Asset Association (VBA), KuCoin Group, and 1Matrix Company aims to strengthen blockchain infrastructure and expand digital asset applications. This collaboration focuses on developing pilot trading platforms, digital payment solutions, and risk management tools compliant with international standards, signaling Vietnam's intent to position itself as a significant player in the global digital economy.
Current Legal Situation:
Vietnam has taken a cautious stance toward cryptocurrencies. Bitcoin, Ethereum, and other decentralized coins are not legal for use as payment, and trading them is unregulated and technically illegal. While people may privately hold cryptocurrencies, there is no legal framework protecting investors, making participation in these markets risky.
Key Features of the Pilot Program
Domestic-Only Issuance and Trading: Only Vietnamese enterprises are permitted to issue and trade digital assets. These assets must be backed by real underlying assets (gold, commodities, etc.), excluding fiat currencies and securities, and can only be offered to foreign investors through licensed service providers.
Capital and Ownership Requirements: Entities wishing to operate crypto exchanges must have a minimum capital of VND 10 trillion (approximately $379 million). At least 65% of this capital must come from institutional investors, and foreign ownership is capped at 49%.
Regulatory Compliance: Operators must adhere to strict regulations concerning anti-money laundering, counter-terrorism financing, cybersecurity, and data protection. Additionally, they are required to maintain robust governance structures, including experienced executives and certified professionals.
Transaction in Vietnamese Dong: All crypto transactions, including issuance, trading, and payments, must be conducted in the Vietnamese dong, reinforcing the government's control over the digital asset market.
Implications and Considerations
This pilot program shows that Vietnam is taking tentative steps into the digital asset space, though its approach remains highly controlled. Despite the country’s high crypto adoption—an estimated 17 million holders—the program is designed to prioritize regulation and investor protection over rapid market expansion. Rather than signaling bold innovation, the initiative reflects a cautious effort to experiment with digital assets within strict boundaries.
The stringent requirements may pose challenges for potential market entrants. The high capital threshold and foreign ownership restrictions could limit the diversity and competitiveness of the market. Moreover, the exclusive focus on domestic enterprises might hinder international collaboration and the influx of global capital.
Looking Ahead
While Vietnam’s five-year pilot signals an interest in exploring digital assets, its heavy restrictions—such as the exclusion of decentralized cryptocurrencies like Bitcoin and Ethereum—limit the program’s significance for the broader crypto market. By focusing solely on domestically-issued, asset-backed tokens, the pilot may offer little appeal to global investors or major crypto players. As a result, the initiative is more a controlled experiment than a groundbreaking step, highlighting Vietnam’s cautious approach rather than positioning the country as a major hub for digital assets.
Beyond the Brief
From Browsing to Delegation: How the Agentic Web Could Reshape Digital Assets and Value Creation
The Agentic Web Explained
A recent paper titled “Agentic Web: Weaving the Next Web with AI Agents” argues that our current internet is on the verge of a major shift: from human-led interactions with content and services, to autonomous, goal-driven agents that plan, coordinate, and act on our behalf.
The authors—researchers from institutions like Berkeley, SJTU, UCL, and others—propose that this “Agentic Web” will be defined by three core dimensions: intelligence, interaction, and economics.
Key Components & Shifts
a. Historical Context / Web Eras
The paper outlines three eras:
PC Web Era: static pages, search as the main mode.
Mobile Web Era: explosion of user content, personalised feeds, recommendation algorithms.
Agentic Web Era (just now emerging): autonomous agents, shifting from passive consumption to action.
b. Core Conditions for Agentic Webs
To work, agents must have:
autonomy to take multi-step actions, not just reactive prompts;
access through standardized, machine-readable interfaces;
ability to exchange value (services, tasks) among agents themselves.
c. Transformations in Architecture & Interaction
Interaction moves from static hyperlinks / manual navigation to semantic discovery (the process of helping users find the most relevant information online by understanding the meaning behind their query and the meaning of web content — not just matching exact keywords), tool invocation, runtime service discovery with protocols like MCP (Model Context Protocol) and agent-to-agent coordination (A2A).
What is Runtime Service Discovery?
Service discovery = finding other services/resources (APIs, databases, tools) that a program can use.
Runtime = this happens dynamically (on the fly) while the system is running, not hardcoded at startup.
What is MCP (Model Context Protocol)?
MCP (Model Context Protocol) is a new, open protocol designed to let AI models (like GPT-5, Claude, etc.) securely interact with external tools, data sources, and services.Think of it as a “universal adapter” that lets models ask:
“What services are available?”
“What operations can I call?”
“What’s the schema for those operations?”
And then actually call them safely.
Information is stored, linked, and consumed differently: more in-model (i.e. in the parameters of LLMs) vs documents, more generated content by agents, more semantic (meaning-based) vs hyperlink-based.
The Economic Dimension: Agent Attention Economy
One of the more interesting sections discusses how value and monetisation may shift: rather than competing for human clicks or eyeballs, service providers may compete for agent attention – i.e. being selected by agents to execute tasks.
This implies new marketplaces: services advertised to agents, protocols for agent discovery, metrics like invocation success, cooperation reliability, etc.
Applications & Use Cases
Some examples are:
Planning travel itineraries end-to-end (flight + hotel + adjustments) by delegating to agents.
Deep research: comparing models, gathering benchmark info, generating reports & visualizations.
Transactional tasks (e.g. purchases, reservations) handled fully by agents.
Risks & Governance
The paper is cautious. It lays out risks including safety, security, trust, transparency, alignment with human values, economic displacement, possible monopolies, liability and regulatory issues.
Critical Reflections & Implications for Digital Assets
Opportunities:
Automation of asset management: Agents could automate portfolio rebalancing, staking, NFT acquisition, or trading, based not only on user instructions but also on learning, planning, and reacting to market conditions.
New economic models and marketplaces: Agent attention economies could spawn services that market themselves to agents (or agent platforms), possibly creating novel roles in the value chain (e.g. “agent-trusted oracles,” “agent-certified ratings,” etc.).
Composable workflows: Agents may coordinate across DeFi, NFTs, or other protocols to execute multi-leg tasks without human intervention—making complex trades, asset aggregation, or cross-chain activity smoother.
Challenges / Risks:
Trust & Transparency: With autonomous agents making decisions, users may find it hard to audit or understand what is going on; misaligned incentives or bugs could lead to loss of funds or bad outcomes.
Economies of scale & monopolies: Big players with better agent infrastructure (faster, more reliable, richer service registries) might dominate, marginalising smaller services or tokens.
Security & Protocol Vulnerabilities: Allowing agents to invoke services, smart contracts, APIs autonomously raises attack surfaces: malicious agents, compromised tool registries, or unexpected economic interactions.
Regulatory/Legal liability: If an agent misbehaves (e.g., executes a trade incorrectly or violates licensing), who is responsible—the developer, the service provider, the user, or the agent platform?
This captures the core shift: agency moves from the human to software agents who take on planning, execution, and coordination of complex workflows.
The Agentic Web paper maps out a compelling vision: the Web turning from a space of human-initiated search, browsing, and passive consumption, into an ecosystem of proactive, autonomous AI agents that interact, collaborate, compete, and create value.
Bringing Perpetual Futures Into the Mainstream: SEC, CFTC, and Institutional Moves
Understanding Perpetual Futures in the Evolving Crypto Landscape
Perpetual futures are a type of derivative contract that allows traders to speculate on the price movements of cryptocurrencies without an expiration date. Unlike traditional futures contracts, which have a set settlement date, perpetual futures can be held indefinitely, offering continuous exposure to the underlying asset. This unique feature has made them a popular choice among traders seeking flexibility and long-term positions in the volatile crypto market.
The Rise of Perpetual Futures
Crypto derivatives dominate digital asset markets — they represent more than 75% of all trading activity according to a Bloomberg report. Within this segment, perpetual futures are by far the most traded product. Research by Kaiko shows that through mid-June 2025, perpetuals made up roughly 68% of Bitcoin trading volume, a slight increase from 66% in 2024. Daily average trading volumes for these contracts fluctuate between $10 billion and $30 billion, underscoring their central role in crypto market liquidity.
The ability to maintain leveraged positions without rolling contracts forward has attracted retail and institutional traders alike, turning perpetuals into the engine of price discovery in crypto.
Regulatory Developments: SEC and CFTC's Joint Efforts
In a significant move towards integrating cryptocurrency derivatives into the broader financial market, U.S. regulators are taking steps to regulate perpetual futures. SEC Chairman Paul Atkins and CFTC Acting Chair Caroline Pham announced plans to discuss the regulation of new product categories, including prediction markets and perpetual futures, as part of their efforts to harmonize rules and reduce regulatory gaps. This initiative aims to create a more cohesive regulatory framework for crypto derivatives, potentially allowing these products to trade across SEC- and CFTC-registered platforms.
Institutional Adoption: Cboe's Entry into Crypto Futures
Traditional financial institutions are also entering the crypto derivatives space. Cboe Global Markets, a major U.S. exchange, announced plans to launch continuous futures contracts for Bitcoin and Ether on November 10, 2025, pending regulatory approval. These long-dated contracts are designed to provide U.S. traders with exposure to cryptocurrencies in a regulated environment, mimicking the characteristics of perpetual futures without the need for position rollover.
Global Expansion: Singapore Exchange's Initiative
The Singapore Exchange (SGX) is set to introduce Bitcoin perpetual futures in the second half of 2025. This move marks a significant step in providing institutional investors with a regulated alternative to offshore crypto derivatives. The SGX's initiative aims to offer a secure and compliant platform for trading crypto futures, expanding access to the growing digital asset market.
Coinbase's Strategic Move
Coinbase, a leading cryptocurrency exchange, is also expanding its offerings in the derivatives market. In June 2025, Coinbase announced plans to launch perpetual futures trading in the U.S., fully compliant with CFTC regulations. This initiative aligns with a renewed investor appetite and easing regulatory concerns in the crypto market, positioning Coinbase as a key player in the evolving landscape of crypto derivatives.
A key part of this strategy is Coinbase’s acquisition of Deribit, announced in May and completed in August 2025. Deribit is a leading crypto options exchange — in July 2025 alone it saw more than $185 billion in trading volume and roughly $60 billion in open interest (that have not been closed or settled yet). The $2.9 billion deal (part cash, part stock) gives Coinbase a strong foothold in options, and helps it offer the full spectrum of derivatives — spot, futures, perpetuals, and options — on a unified platform.
WHAT WE ARE READING (OR WATCHING)
The Cryptography Frontier
Jared Kushner’s New Startup Helps Businesses Figure Out How To Use AI
The Stablecoin Standard
Governance Watch
House Bill orders 90-day plan for a strategic Bitcoin reserve
Belarus president urges banks to expand crypto use as sanctions bite
The Nakamoto Engine
BlackRock's Rick Rieder: Add Bitcoin to Your Portfolio
Billionaire Ricardo Salinas: People should sell their house and buy Bitcoin.
Bank of America Charts Bitcoin Among Most Disruptive 1,000-Year Innovations
On the Launchpad
Cboe Plans to Launch Continuous Futures for Bitcoin and Ether, Beginning November 10
Cboe Plans to Offer ‘Continuous’ Futures for Bitcoin, Ether
Crypto on the Balance Sheet
Avalanche blockchain aims to raise $1bn for crypto-hoarding companies
This article is for informational purposes only and should not be considered financial advice. Please do your own research or consult a licensed financial advisor before making investment decisions.
