CME v CFTC: consequential fight over perpetual futures

CME says perps are swaps and wants them stopped. The CFTC says CME's own volume is up — so where's the harm? Plus: Hoskinson is personally writing a new programming language for Cardano. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Monday, October 19, 2026 CFTC rebuffs CME's legal stance in consequential fight over perpetual futures The CFTC opened the U.S. perps market in May, approving Kalshi's first bitcoin perpetual futures contract. CME went to court to stop it, arguing perps are swaps, not futures — which would mean a different regulatory framework entirely. The CFTC fired back Friday, arguing CME hasn't shown it's actually being harmed, noting pointedly that CME's own crypto futures volume has risen since the policy shift. TD Cowen's Jaret Seiberg says CME may still have the edge on the merits, but the bigger risk is that the perps market keeps growing while the litigation plays out — making it harder to unwind if CME ultimately wins. Read more → A message from Chainlink Link:NYC is where global finance connects. Join banks, asset managers, and builders in New York on October 29 to explore the future of tokenized assets, agentic finance, payments, and more. Hear from the leaders shaping how capital markets move onchain, and connect with the institutions making it happen. Secure your spot today. Apply Now Research · Sponsored by Ripple The definitive stablecoin landscape series: Asia Pacific APAC accounts for 51.2% of identified global stablecoin payment volume — the largest regional share in the world — driven by fragmented currency corridors, large cross-border trade flows, and increasingly active regulatory hubs in Singapore, Hong Kong, Japan, and Australia. CoinDesk Research maps the region's regulatory landscape, real-world use cases across payments, treasury and tokenized capital markets, and the role RLUSD is playing as institutional demand for compliant stablecoin infrastructure grows. Read the report → Tech Cardano founder Charles Hoskinson is building a new programming language for the network Hoskinson announced he's personally building a new programming language for Cardano alongside IOG engineer Lucas Rosa — the co-creator of Aiken, one of Cardano's main smart contract languages. The language would bundle transaction intents, proof-carrying data, and Groth16 proofs: in short, letting a user say what they want a transaction to do, with cryptographic proof baked in that the rules were followed. No name, no specs, no release date — but the fact that Hoskinson is writing it himself is notable for a network his size. 2-minute read → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.

Bitcoin is getting hard forked on Oct 31st

A message from Bitcoin hasn’t shipped a meaningful upgrade since Taproot in 2021. Every major breakthrough in crypto has happened outside of Bitcoin. So on October 31, the 18th anniversary of the Bitcoin whitepaper, Bitcoin is getting hard forked. eCash (ECX) is a Bitcoin hard fork that activates Drivechains (BIP300/301): opt-in sidechains for payments, privacy, and prediction markets. Same ledger, same addresses, same SHA-256 proof of work, plus the upgrade Bitcoin never merged. If a sidechain succeeds, Bitcoin miners earn new fee revenue. If it fails, L1 is unaffected. eCash brings an app platform to Bitcoin, with seven sidechains going live at mainnet launch, from payments and privacy to prediction markets, identity and tokens. Anyone can propose a new one, and miners decide what goes live. At the fork block (~973,728), every BTC holder with their own keys is credited ECX 1:1. No claim, no sign-up. Your BTC stays on Bitcoin, untouched. To keep it safe from replays, split your coins with the eCash splitting tool. Beta is live now, with independent pools mining and a community already shipping new wallets, explorers, and trackers, unprompted. If you hold BTC in a non-custodial wallet, you’re getting free ECX. The greatest chain in history deserves more than zero innovation. See how the fork works CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences

Is Strategy's golden cross coming?

Strategy's 50-day moving average is about to cross above its 200-day — the same signal bitcoin flashed six weeks ago. JPMorgan just put JPM Coin on Ethereum. And crypto vaults just topped $10B. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Monday, October 19, 2026   Markets are steady as a significant chart signal approaches for Strategy (MSTR): its 50-day moving average is on the verge of crossing above its 200-day — a golden cross — weeks after bitcoin flashed the same signal. The two prior MSTR golden crosses led to gains of 717% and 1,774% respectively, though the signal has a 50/50 historical hit rate. Meanwhile JPMorgan deployed JPM Coin on Ethereum mainnet this morning, making its dollar deposit token available to institutional clients on a public blockchain for the first time. And crypto lending vaults have crossed $10 billion in deposits, up from $4 billion at the start of last year, drawing attention from U.S. and European regulators. Stay alert. Read today’s full report → Market snapshot As of 12pm EST Asset Price 24h BTC $81,970 +1.19% ETH $2,401 +1.58% SOL $104.60 +2.55% XRP $1.30 +2.68% Prices approximate. Visit coindesk.com/price for live data. A message from Grayscale Meet ZCSH, the first and only US-listed ETP offering dedicated ZEC exposure.1 Zcash builds on Bitcoin’s foundation, adding optional privacy for transactions — shielded transactions at times have accounted for more than 50% of user transactions.2 Why ZCSH: Built by Grayscale, with nearly 10 years of operating history behind the fund. Over $900 million in AUM3 100% of management fees fund Zcash ecosystem growth4 Exposure through your brokerage account — no wallet, exchange account, or custody solution required. Invest now The Zcash ETF (“ZCSH”), an ETP, is not registered under the Investment Company Act of 1940 (“40 Act”) and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. An investment in ZCSH is subject to a high degree of risk and heightened volatility. ZCSH is not suitable for an investor that cannot afford the loss of the entire investment. An investment in ZCSH is not a direct investment in ZEC. Must be preceded or accompanied by a prospectus, click here. Please read carefully before investing in the Fund. Foreside Fund Services, LLC is the Marketing Agent for ZCSH. 1First and only US-listed ETF dedicated solely to ZEC as of August 25, 2026. 2Blockworks Analytics, Zcash: Transactions, October 6, 2024–June 28, 2026. 3As of September 18, 2026. Subject to change. ​4All ZCSH management fees support initiatives for the development and growth of the Zcash ecosystem and marketing activities in support of ZCSH, for up to 12 months following the effectiveness of the Fund’s registration statement. This commitment is a voluntary undertaking by the Sponsor, paid from the Sponsor’s own funds after receipt of the Sponsor’s fee, and is not an obligation of the Fund. What matters today Markets   Story 1 of 3 Strategy is on the verge of a golden cross, weeks after bitcoin flashed the same signal Strategy (MSTR), which holds $69.81 billion in bitcoin, is approaching a golden cross — where the 50-day moving average rises above the 200-day — that could confirm as soon as today, following bitcoin’s own golden cross on September 8. The signal has preceded dramatic rallies for MSTR twice before: 717% after the September 2020 cross, and 1,774% after the March 2023 cross. The honest caveat: it has a 50/50 hit rate historically across 19 occurrences since 1999, with a median 12-month return of just 3.3% and two instances where 60%+ losses followed. Since bitcoin confirmed its golden cross six weeks ago, it has risen about 5%. The chart also shows a trendline breakout, a secondary bullish development, and the 50-day is converging rapidly — making this week a potential inflection point for MSTR bulls. Read more → Markets   Story 2 of 3 JPMorgan brings JPM Coin, representing dollar deposits, to Ethereum JPMorgan deployed JPM Coin on Ethereum mainnet today, making its dollar deposit token available on a public blockchain for the first time after previously limiting it to its private Kinexys network and Coinbase’s Base layer-2. Institutional clients can now use JPM Coin on Ethereum to settle trades, make blockchain payments, and back tokenized assets. The bank chose Ethereum for its liquidity depth and existing institutional client base. JPMorgan’s blockchain division Kinexys already processes more than $7 billion a day on its private network — a small slice of the bank’s $12 trillion daily payments business. The move expands that infrastructure to a network where nearly $50 billion in crypto assets are locked in DeFi applications, broadening the potential counterparty base significantly. Read more → Markets   Story 3 of 3 Crypto vault deposits top $10 billion as lending risks draw regulatory scrutiny Deposits in crypto lending vaults have surpassed $10 billion, more than doubling from $4 billion at the start of 2025, as institutional capital — including fintech firms, digital asset treasury businesses and hedge funds — chases stablecoin yields of 3–20%. Vaults operate via smart contracts on DeFi platforms, with a “curator” acting as an investment manager — selecting lending strategies, setting risk limits and collecting fees. The risks are real: loans can be backed by illiquid collateral, automatic liquidations can amplify market declines, and coding errors or pricing flaws create additional vulnerabilities. U.S. and European regulators are now examining oversight frameworks, with the SEC raising questions about vaults that hold securities and European regulators proposing supervision of DeFi access intermediaries. The FT reported the growth over the weekend. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences