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The Roundup: Coinbase looks to futures and joins Binance in upping lobbying expenditure

The Roundup: Coinbase looks to futures and joins Binance in upping lobbying expenditure
MarketsRegulation
Coinbase, led by CEO Brian Armstrong, had a regulatory win this week as the exchange fights several battles on Capitol Hill. Credit: Rita Fortunato/DL News.

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Happy Friday!

Adam Morgan here to guide you through some of the week’s biggest stories.

After a long wait, Coinbase has a regulatory win in Washington. The crypto exchange gained approval to offer eligible US customers access to futures trading after it successfully registered with the National Futures Association, two years after first applying.

Crypto markets started the week trading in the same range between $29,000 and $30,000. Following the release of the US Federal Reserve’s July meeting minutes on Wednesday, markets dipped.

Investors appeared to be spooked by the prospect of further rate increases. Bitcoin traded below $29,000, reaching a near two-month low.

Elsewhere, Shiba Inu’s layer 2, Shibarium launched on Wednesday. The platform ran into early headwinds, grounding to a halt just hours after its launch.

Tim Craig reports that in the seven hours Shibarium was up and running users bridged across $1.8 million worth of Ether and over $700,000 worth of the Shiba Inu-related BONE token to the new network. Following the halt, some feared those funds might be trapped indefinitely.

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Keep an eye out on Friday for news in the Grayscale case, analysts at Bloomberg Intelligence and Davis Polk estimate a decision could drop this week. Updates are usually released around 11 am New York time.

Have a great weekend,

Adam Morgan McCarthy

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