Coinbase Receives CFTC Approval for Deribit Derivatives; JPMorgan’s Dimon Opposes CLARITY Bill

BBX News: On May 29, Coinbase received a CFTC no-action letter, becoming the first regulated U.S. exchange to offer global crypto perpetuals and options (via its $2.9 billion acquisition of Deribit FZE); on the same day, JPMorgan CEO Dimon publicly opposed the CLARITY Act on Fox Business, stating, "The banking industry will not accept it." Key Points: — Coinbase (NASDAQ: COIN): On May 29, the CFTC issued a 16-page no-action letter authorizing CFM, through Deribit FZE, to provide global crypto derivatives (perpetuals and options on BTC, ETH, SOL, DOGE, etc.) to U.S. institutions; the $2.9 billion Deribit acquisition marks the first regulatory milestone; $31 billion in BTC options open interest; institutional onboarding began immediately; stock rose +3.72% to $189 on the day. — JPMorgan Chase (NYSE: JPM): CEO Dimon publicly opposed the CLARITY Act on Fox Business on May 29, declaring that the banking industry will fight it; criticized Armstrong’s lobbying efforts; aligned with the American Bankers Association; the CLARITY Act still requires 60 votes in the full Senate, with banking opposition being the primary hurdle. Source: bbx.com