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The CFTC’s approval of single-stock perps reads like deregulation, but it’s really a recapture play as Washington is folding a product it once pushed offshore into a dual-agency framework, betting that legitimacy will win back the flow that Hyperliquid captured on its own.
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In Today’s Email:
**What Matters:CFTC Opens Single-Stock Perps 👀Case Study:Binance Breach Started With Interview 🔎Governance & Features:**NEAR Cuts Issuance Ceiling Again ✂️
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WHAT MATTERS
State of play: Perps were the product US regulators spent years pushing offshore, and the CFTC now approves them on individual stocks under joint SEC oversight.
CFTC Chair Michael Selig called the expansion a step toward giving US traders the risk-management and price-discovery tools that made perps so popular.
Demand jumped after the US and Israel struck Iran over a weekend, when oil futures were closed and the trading moved to 24/7 onchain venues instead.
The approval builds on the CFTC’s earlier steps: KalshiEX and Coinbase got the green light for bitcoin perps, and in June the agency asked for comment on crude oil perps.
Trump said in August he wanted the CFTC to bring Hyperliquid into the US, so the move is politically backed and not just a rule change from agency staff.
The SEC and CFTC will oversee the contracts together, so stock perps sit between the two agencies, and how they split the work hasn’t been tested yet.
Why it matters: This is a sign Washington would rather pull 24/7 leveraged equity trading onshore than keep watching it move to Hyperliquid.
Our take: Joint SEC and CFTC oversight looks like cooperation, but in practice it means two agencies with competing incentives regulating the same product, and the first enforcement dispute will matter more than this approval.
For builders and investors: Onshore exchanges get an edge with US users, but 24/7 trading, leverage limits and settlement rules will decide whether this volume actually comes onshore.
CASE STUDY
**State of play: **The largest hack in crypto history, at $6.34B, didn’t get through Binance’s cryptography but through a fake job interview and the exchange’s own internal AI tool, which shows custody risk now sits on developer laptops more than in cold storage.
Attackers first went after a Wallet DevOps engineer in June through a tampered Homebrew install, and swapping out his device didn’t undo the exposure of his role and colleagues.
In September, hackers posed as executives in a fake hiring process and got a second employee to download a malicious coding assignment.
On Oct. 20 they used the AI tool to take over two more engineers’ devices, then on Oct. 29 deployed a container that ran the wallet attack script.
Binance has frozen or intercepted $2.85B and replenished 98% of impacted assets, while the FBI blames North Korea and Pyongyang denies it.
Withdrawals are reopening in phases across major networks, and hourly deposits now exceed withdrawals, which Binance reads as flows stabilizing.
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INSIGHTS
**State of play: **Justin Sun’s sanctions motion turns a token-freeze dispute into a fight over where WLFI is actually based, alleging the Trump-linked project sold itself as American but only revealed its UAE citizenship once that could get the case thrown out of federal court.
Sun says he invested $45M in WLFI and sued in April, alleging fraud and an unlawful freeze of his tokens.
World Liberty’s first court disclosure listed one ownership entity and Florida citizenship, later amended to 22 members across Florida, Delaware, Puerto Rico and the UAE.
A company takes on its owners’ citizenship for diversity jurisdiction, so the UAE link could defeat the federal case, and Sun plans to refile in California state court.
World Liberty countersued in May, calling Sun’s campaign against it a “meritless PR stunt.”
WLFI trades near $0.051, down from an all-time high around $0.33, for a fully diluted valuation of about $5.1B.
FEATURES & GOVERNANCE UPDATE
**State of play: **NEAR’s second issuance cut since halving it from 5% in October 2025 is framed as the end of bootstrapping, but what it really does is stop the roughly 57% of supply that isn’t staked from paying stakers through dilution.
HSP-029 lowers the maximum annual issuance from 2.5% to 1.6% over 24 months, reducing it by about 3.75 basis points per month, applied each epoch.
The 90/10 split between stakers and the treasury stays the same, and the proposal changes only the issuance ceiling.
The proposal estimates 11.8M fewer NEAR issued over two years and 66.1M fewer over six, leaving supply about 4.36% smaller.
Daily issuance would fall from about 89,500 to 57,300 NEAR, and gross staking yield from 5.268% to 3.372% if participation holds at September levels.
Before it becomes binding, the change still needs Security Council review, a 90-day grace period and a validator upgrade.
Other notable feature updates:
Base𝕏saysDenim mainnet arrives Nov 5.Ostium𝕏opensStage 2 of recovery portal Oct 31.Consensys𝕏announcesSovereign Network interoperability, Besu 26.11.0.Canton Strategic Holdingsplanstokenized share trading on Canton Network.
QUICK BITES
Binance net outflowsreach$5.3B after record hack.Amazon, Tesla and SpaceXjoinOKX–ICE tokenized stock objections.SEC divisionviewsCanton Coin as digital commodity in no-action letter.CZcallsfor crypto security alliance as attacks accelerate after Binance hack.Justin Sunseekssanctions against World Liberty, alleging firm hid UAE ties.NEAR governanceapprovesproposal to cut token issuance ceiling to 1.6%.Binancesayshackers used fake job interview, internal AI tool in $6.3B breach.South Korea’s ruling partyformally proposesdeferral of crypto income tax.Consensyslaunchescross-ledger settlement and routing stack for institutional.CFTCapprovesindividual stock perpetual futures trading in US for the first time.
NOTEWORTHY READS & MEME
Nikos’s𝕏readon Fixed-Rate Lending Mechanics.Binance’s𝕏readon the 29 October Security Incident.Alex Thorn’s𝕏readon Why Now Is the Time to Add and Hold BTC.
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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.
