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

BBX News — May 29: Coinbase received a CFTC no-action letter, paving the way for it to become the first regulated U.S. exchange to offer global crypto perpetual futures and options through its $2.9 billion acquisition of Deribit FZE. The same day, JPMorgan Chase CEO Jamie Dimon publicly criticized the CLARITY Act on Fox Business, saying the banking industry "will not accept it." Coinbase (NASDAQ: COIN): The CFTC issued a 16-page no-action letter authorizing Coinbase Financial Markets (CFM), via Deribit FZE, to provide global crypto derivatives—perpetuals and options on BTC, ETH, SOL, DOGE and others—to U.S. institutional clients. The Deribit deal is described as the first key regulatory milestone. BTC options open interest stands at $31 billion. Institutional onboarding began immediately. Shares rose 3.72% to $189 on the day. JPMorgan Chase (NYSE: JPM): Dimon said on May 29 that banks will fight the CLARITY Act, criticized Coinbase CEO Brian Armstrong's lobbying efforts, and aligned his stance with the American Bankers Association. The bill still needs 60 votes in the full Senate, and banking opposition remains the main obstacle. Source: bbx.com
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