Coinbase Wins CFTC Green Light for Deribit Crypto Derivatives; JPMorgan's Dimon Takes Aim at CLARITY Act

ChainCatcher reports, citing BBX data, that tensions flared yesterday between the fast-moving push for global crypto compliance infrastructure and entrenched Wall Street banking interests, as brokerage and legacy capital openly sparred over the direction of U.S. legislation. Coinbase said the U.S. Commodity Futures Trading Commission (CFTC) has issued a 16-page no-action letter to its subsidiary CFM. The letter clears CFM to offer perpetual contracts and options on digital commodities—including BTC, ETH, SOL and DOGE—to U.S. institutional clients via Deribit FZE, the overseas exchange Coinbase acquired for $2.9 billion. The guidance also allows clients to transfer digital assets and stablecoins directly to Deribit FZE to be used as margin. In Washington, JPMorgan Chase & Co. (NYSE: $JPM) CEO Jamie Dimon said he strongly opposes the CLARITY Act now moving through the Senate, speaking in an interview with Fox Business. Dimon argued the bill would allow crypto firms to pay users "yield rewards" in stablecoins, which he said would sidestep traditional banking capital requirements and compliance standards. He said he is aligned with the American Bankers Association and vowed to "fight this bill to the end."