Coinbase Receives CFTC Approval for Deribit Derivatives; JPMorgan CEO Opposes CLARITY Bill

ChainCatcher report, according to BBX data, yesterday saw the battle between global crypto compliance infrastructure and traditional financial capital reach a boiling point, with major brokerage firms and Wall Street’s old money clashing head-on over the progress of legislation. Key developments include: Coinbase granted 16-page no-action letter by CFTC: Coinbase Global, Inc. (NASDAQ: $COIN) officially announced that the U.S. Commodity Futures Trading Commission (CFTC) has issued a 16-page no-action letter to its subsidiary, CFM. The letter authorizes CFM to offer perpetual contracts and options on digital commodities—including BTC, ETH, SOL, and DOGE—to U.S. institutional clients through Deribit FZE, the foreign exchange previously acquired for $2.9 billion. The letter also permits clients to directly transfer digital assets and stablecoins to Deribit FZE as margin. Dimon publicly opposes the CLARITY Act: Jamie Dimon, CEO of JPMorgan Chase & Co. (NYSE: $JPM), publicly voiced strong opposition to the CLARITY Act currently advancing in the Senate during a Fox Business interview. Dimon warned that the bill permits crypto companies to pay users “yield rewards” in stablecoins, effectively bypassing traditional banking capital and compliance standards. He has aligned with the American Bankers Association to form a united front, publicly pledging to “fight this bill to the end.”