CFTC Approves Kalshi Bitcoin Perpetual; Hyperliquid Hits ATH
In brief
- CFTC approved Kalshi's BTCPERP, the first U.S.-regulated Bitcoin perpetual, trading 24/7 with spot-linked funding.
- Hyperliquid surged 30% to all-time high of $73.50, outperforming Bitcoin by 270% year-to-date.
- Treasury seized ~$1 billion in crypto from Iran, largest hostile-state seizure since 2022.
- Clarity Act passed committee 15-9 with bipartisan support; floor vote expected within 30 days.
Kalshi's Historic Approval
The CFTC approved KalshiEX's BTCPERP on May 29, clearing a path for one of the most liquid segments of the crypto asset markets. CFTC Chair Michael Selig said the agency "took historic action to permit the listing of a true Bitcoin perpetual contract by a CFTC-registered exchange." The contract itself trades around the clock and uses a funding mechanism pegged to spot prices, creating a framework for institutional and retail traders alike.
The approval also opened a door for Coinbase. The CFTC simultaneously cleared a path for a Coinbase affiliate to connect U.S. customers to options and perps at the global level through Deribit. Markets reacted immediately. Coinbase gained 4% and Robinhood gained 11% on Friday after the approval, signaling investor confidence in the regulatory shift.
Hyperliquid's Moment
But the real weekend winner was Hyperliquid. The token jumped 30% or more from its Thursday lows to reach a new all-time high of $73.50. HYPE has now outperformed Bitcoin by 270% on the year, riding a wave of momentum that extends well beyond Friday's regulatory news. The move reflects broader appetite for decentralized derivatives platforms in the U.S. crypto ecosystem.
Clarity Act and Treasury Seizures
The Clarity Act continues its march through Congress. The bill cleared committee 15-9 with bipartisan support on May 14, and the floor vote is expected within 30 days per leadership. Yet prediction markets are giving the Clarity Act just a 56% chance of passing this year, underscoring lingering uncertainty.
Tensions between crypto and traditional finance remain sharp. JPMorgan CEO Jamie Dimon attacked Coinbase CEO Brian Armstrong over the Clarity Act, vowing to fight the bill.
On the enforcement side, Treasury Secretary Scott Bessent said the U.S. has seized roughly $1 billion worth of crypto from Iran. The seizures are connected to Iran's Hormuz Safe platform and related OFAC enforcement actions. This marks the largest single crypto seizure from a hostile state actor since the DOJ seized 94,000 BTC from the Bitfinex hack in 2022. The U.S. government currently holds approximately 200,000 BTC in its Strategic Bitcoin Reserve.
