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Crypto World

CME Sues the CFTC Challenging Crypto Perpetual Futures Rules

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Crypto Breaking News

The Chicago Mercantile Exchange (CME) Group has filed a lawsuit in federal court challenging the U.S. Commodity Futures Trading Commission (CFTC) over its approvals of cryptocurrency-linked perpetual futures. The complaint, submitted to the U.S. District Court for the District of Columbia, targets the CFTC, its chair Michael Selig, and asks the court to vacate the agency’s actions.

The case highlights an expanding regulatory dispute over how U.S. derivatives rules apply to crypto products that do not fit neatly into traditional futures structures. For crypto exchanges, broker-dealers, market operators, and institutional investors, the outcome could affect product design, compliance expectations, and supervisory oversight of crypto derivatives—particularly where regulatory interpretations hinge on whether a contract is treated as a “futures” product or as a “swap” under the Commodity Exchange Act (CEA).

Key takeaways

  • CME filed a D.C. federal lawsuit against the CFTC and chair Michael Selig relating to the agency’s approval of crypto perpetual futures tied to Bitcoin spot prices.
  • The complaint centers on a CFTC notice dated May 29 involving Kalshi prediction market products and a no-action position for similar products involving Coinbase.
  • CME alleges the CFTC improperly applied the CEA by effectively treating “futures” as “swaps” with expiration dates, and argues Selig acted without a full five-commissioner panel.
  • The CFTC, through a spokesperson, rejected the claims as “frivolous” and characterized CME’s litigation approach as “lawfare.”

CME’s lawsuit challenges CFTC approvals for crypto perpetual futures

In its Thursday filing, CME sought judicial review of CFTC actions approving certain perpetual futures contracts linked to Bitcoin’s spot price. The dispute traces back to a May 29 CFTC notice that (1) approved perpetual futures contracts tied to Bitcoin for Kalshi, a platform operating prediction markets, and (2) issued a “no-action” position for similar perpetual products referenced in connection with Coinbase.

CME’s complaint argues that the CFTC’s approach conflicts with directives from Congress, particularly by treating “futures” as “swaps” for purposes of regulatory classification. Under CME’s theory, the classification matters because it determines which statutory and regulatory requirements apply to the relevant derivatives framework.

Beyond the substantive challenge, CME also raised procedural concerns. The exchange contends that Selig acted unilaterally rather than through a full panel of five CFTC commissioners, implying that the agency’s internal governance or decision-making process was not properly followed for the actions at issue.

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“With one stroke of his pen, [Selig] overrode Congress’s definition of the term ‘swap’ and circumvented the regulatory regime Congress required for that form of derivative.”

CME further asserted that the CFTC’s handling of these approvals could harm competition and destabilize derivatives markets, arguing the agency failed to apply the CEA consistently and evenly.

Congress, contract classification, and why the dispute matters

At the core of CME’s legal argument is the classification of perpetual futures contracts—contracts that, in typical market practice, can be designed to trade without a fixed expiration date, while still resembling derivative instruments whose regulatory treatment depends on statutory definitions.

From a compliance standpoint, how a product is categorized can determine whether market participants must register, seek approvals, adopt particular operational controls, and comply with specific surveillance or reporting expectations under U.S. derivatives oversight. The lawsuit therefore sits at the intersection of contract engineering and statutory interpretation: market operators and intermediaries may need clarity on whether certain crypto-linked “perpetual” structures fit within futures frameworks or instead trigger swap-like regulatory pathways.

The broader institutional issue is that perpetual crypto derivatives have increasingly blurred lines between legacy derivative categories. That raises practical uncertainty for exchanges and clearing entities, and it can create compliance friction for financial institutions that must meet regulatory expectations for eligible contract types and risk controls. In that context, CME’s challenge is not merely a technical disagreement: it is aimed at shaping the legal boundaries that govern future approvals and market access.

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Selig’s position and the CFTC’s response

The dispute escalated publicly shortly before CME’s filing. One day earlier, CME CEO Terrence Duffy said the exchange operator would take legal action against the CFTC. In a subsequent interview, Selig maintained that perpetual futures contracts “trade very similarly” to other derivatives and argued that the CEA does not define the term “futures contract.”

The CFTC rejected CME’s complaint. A CFTC spokesperson told Cointelegraph that CME had engaged in “lawfare” against the agency and the administration’s broader crypto policy approach, characterizing the lawsuit as “frivolous.” The exchange’s response, in turn, underscores a high-stakes policy conflict: if courts accept CME’s reading, it could compel the agency to revisit approvals tied to its prior interpretive stance and potentially adjust how it evaluates similar applications or regulatory notices.

CFTC leadership structure and timing: a procedural and policy flashpoint

CFTC chair Michael Selig was confirmed by the U.S. Senate in December 2025 and, as of the time of CME’s filing, remains the chair and sole commissioner in a leadership panel intended to include five commissioners. The lawsuit comes amid uncertainty about whether the CFTC’s full bipartisan composition will be restored in time for complex contested decisions—an issue that CME highlights through its allegation that Selig acted without a complete panel.

Political context also matters for the regulatory process. As of Thursday, President Donald Trump had not announced nominations to fill the CFTC seats, despite calls from members of Congress to do so. That governance vacuum can become consequential when markets depend on consistent, multi-member commission decision-making for contested interpretations of the CEA.

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The dispute also arrives as crypto perpetual derivatives are proliferating across U.S. venues and regulated infrastructure. For example, Kraken announced it would offer perpetual futures to U.S. users through a CFTC-regulated platform, Bitnomial. While that development is separate from CME’s lawsuit, it reflects the practical stakes of regulatory clarity: product expansion continues, but the legal foundations supporting classification and approval pathways are actively contested.

What to watch next

Courts will determine whether CME’s claims succeed on statutory interpretation and whether the challenged approvals can stand procedurally under the CFTC’s decision-making requirements. For market participants, the most immediate watchpoints are how the court frames the futures-versus-swaps classification issue and whether the CFTC revises its approach to approvals of crypto perpetual derivatives pending the litigation’s outcome.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Ireland’s Government Proposes Crypto Safeguards in Response to Risks

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Ireland’s Government Proposes Crypto Safeguards in Response to Risks
Latest NewsPublishedJun 18, 2026

For the first time in seven years, the Irish government released an assessment related to digital assets, noting risks from money laundering, terrorism financing, sanctions violations and bribery.

The government of Ireland is taking aim at digital assets used in money laundering and terrorism financing as it moves to implement industry standards “relating to the acceptance of crypto-related activities as a source of funds” by the second half of 2027 as part of its policy priorities. 

In part of its implementation plan following a national risk assessment released on Thursday, the Irish department of finance said crypto assets presented “very significant” risks related to money laundering and terrorism financing. The government’s 2026 report was the first time in seven years that Ireland released a risk assessment related to digital assets, noting an increase in prosecutions related to money laundering and incidents of fraud in which using crypto was “particularly attractive” to criminal groups.

Source: Government of Ireland

In the time since its last report, Ireland noted that crypto “presents vulnerabilities that may facilitate sanctions evasion,” presented challenges to the country’s tax compliance and enforcement and was used to bribe corrupt officials responsible for decisions overseeing the industry. The government highlighted vulnerabilities in the sector, including “inconsistent international regulation” posing risks to Irish service providers and largely unregulated areas of the industry such as decentralized finance.

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Ireland lacks many of the laws and regulations covering the crypto industry that are common in other jurisdictions like the European Union and United States. That’s despite its relatively high crypto ownership rates compared to other areas, with the Central Bank of Ireland reporting in December that about 10% of the population invested in crypto.

Related: BitGo courts crypto firms awaiting MiCA approval amid Binance licensing concerns

In November 2025, the central bank fined Coinbase Europe Limited about $24 million for Anti-Money Laundering and Countering the Financing of Terrorism violations, noting that the company delayed reporting failures in its transaction monitoring system.

Ireland banned crypto political donations

The risk assessment noted concerns about crypto being “increasingly used to make payments to corrupt officials,” but even official donations to political groups has been banned in Ireland for more than four years. In April 2022, officials proposed that no Irish political parties be allowed to accept cryptocurrencies like Bitcoin, Ether, privacy coins and others.

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Magazine: OpenAI files for IPO, SEC scraps 611 rule and Hungary overhauls crypto: Hodlers Digest June 7-13

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

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US Agencies Push User ID Requirements for Stablecoin Issuers Akin to Regulated Banks

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US Agencies Push User ID Requirements for Stablecoin Issuers Akin to Regulated Banks

Several US government agencies responsible for financial regulation have issued a proposed rule as part of the implementation of stablecoin-focused legislation, pushing for similar identification guidelines for issuers as banks under federal law.

The Federal Deposit Insurance Corporation (FDIC), Federal Reserve, Office of the Comptroller of the Currency (OCC), National Credit Union Administration and the US Treasury’s Financial Crimes Enforcement Network (FinCEN) on Thursday proposed that stablecoin issuers be treated as regulated financial institutions in regard to verifying users’ identities. The proposed rule comes as part of the implementation of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, signed into law in July 2025.

Source: Federal Register

The proposed rule, which will be open to public comment for 60 days after it is officially filed in the US Federal Register on Monday, is intended to address Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) requirements for stablecoin providers through the GENIUS Act.

The minimum standards under the Bank Secrecy Act for financial institutions — potentially applied to stablecoin issuers under GENIUS — include “verifying the identity of any person seeking to open an account,” maintaining records of that information, and determining if the individual is a suspected terrorist or part of any terrorist organization.

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The agencies’ actions were the latest implementation related to GENIUS, largely championed by US stablecoin issuers. The law is expected to go into effect 18 months after it was signed or 120 days after federal authorities finalize regulations for implementation.

Related: Banking group asks for more time to comment on US stablecoin bill

Treasury has already proposed AML and CFT requirements targeting illicit finance under GENIUS. In April, the FDIC suggested that rules providing insurance for corporate deposits of stablecoin issuers not extend to holders.

GENIUS passed, CLARITY still being weighed

After the passage of the GENIUS Act last year, the US Congress still has no defined timeline on addressing the Digital Asset Market Clarity (CLARITY) Act, a bill intended to redefine financial agencies’ roles in regulating and enforcing crypto rules.

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While many in the White House and Congress expect the bill to pass by the August recess, concerns voiced by Democrats over potential conflicts of interest from lawmakers and elected officials could slow progress.

Magazine: The end of anon? AI could unmask crypto’s hidden identities

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

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Rockstar Games Confirms GTA 6 Pre-Orders Date and Themed Meme Coins Explode

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GTA VI themed meme coins. Source: GeckoTerminal

Rockstar Games officially confirmed that Grand Theft Auto VI pre-orders will begin on June 25. The announcement sent GTA 6 and Rockstar-themed meme coins skyrocketing across crypto markets within hours.

Here is what Rockstar Games confirmed, why the meme coins exploded, and what investors should track before any potential pullback.

Why the GTA 6 Pre-Orders News Sparked a Frenzy

Pre-orders are early purchases that gamers can place before a video game title’s official release date. Rockstar Games confirmed that Grand Theft Auto VI pre-orders will officially open on June 25 across all major platforms and global digital storefronts.

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The announcement reignited massive hype around what is already considered one of the most anticipated game launches in history.

GTA 6 has dominated gaming conversations for years. Moreover, the long wait between the original announcement and the release has intensified retail attention.

Crypto markets reacted within minutes. GTA 6 and Rockstar-themed meme coins surged sharply across multiple decentralized exchanges, especially on Solana, Ethereum, and BNB Chain.

The speculative rally reflects how gaming narratives consistently fuel meme coin volatility cycles.

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GTA VI themed meme coins. Source: GeckoTerminal
GTA VI-themed meme coins. Source: GeckoTerminal

Traders quickly piled into tokens with names referencing the game, its characters, and the fictional Vice City setting.

Several previously dead tokens reached multi-week highs as social media amplified a buying frenzy across crypto communities worldwide.

The reaction follows a familiar pattern. Whenever major entertainment events approach, themed meme coins typically experience parabolic moves driven by retail FOMO. As a result, traders chase quick gains tied to the cultural relevance of the underlying brand.

Rockstar Games-themed meme coins. Source: GeckoTerminal

What Investors Must Know About These Meme Coins

Despite the explosive moves, Rockstar Games has not released any official tokens. Every meme coin riding the GTA 6 hype is a community-driven project with no formal connection to Rockstar, Take-Two Interactive, or the franchise itself.

That distinction matters enormously. Unofficial meme coins typically carry severe risks, including supply concentration, unaudited contracts, and the possibility of sudden rug pulls.

Also, regulatory uncertainty around unauthorized branding can trigger sudden token removals from major exchanges.

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The lack of official endorsement does not stop the rally. Crypto markets historically reward narrative-driven speculation, especially around culturally significant brands.

However, traders chasing late entries face the highest risk of sharp reversals once the initial hype wave fully fades.

History offers clear warnings. Similar-themed meme coin rallies tied to movies, sports events, and other gaming launches have ended with steep declines after the underlying catalyst has passed. Volume often collapses within days, leaving late buyers deeply underwater for months.

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For now, the GTA 6 pre-orders announcement on June 25 stands as the next major catalyst.

Until then, meme coin volatility tied to the franchise will likely remain elevated. Investors should remember that the only confirmed news comes directly from Rockstar Games.

The post Rockstar Games Confirms GTA 6 Pre-Orders Date and Themed Meme Coins Explode appeared first on BeInCrypto.

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Fable's Shutdown Hands Crypto Its Case for Decentralized AI

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Fable's Shutdown Hands Crypto Its Case for Decentralized AI


Crypto investors and builders say the censorship of Anthropic's Fable 5 proves their long-running argument: that AI should run on decentralized networks no company or government can switch off. The model shipped with guardrails so broad that many users complained, by Anthropic's own account, and… Read the full story at The Defiant

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Iran threatens Hormuz shutdown as Israel strikes put U.S. deal at risk

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CoinGlass liquidation dashboard showing $499.34 million in 24-hour crypto liquidations, including $402.11 million in longs and $97.23 million in shorts.

Iran has suspended a 60-day negotiation process with the United States less than 24 hours after signing a new agreement, while warning that Israeli strikes could trigger a renewed Strait of Hormuz blockade.

Summary

  • Iran suspended a 60-day negotiation process with the U.S. less than 24 hours after signing a new agreement.
  • Tehran accused Washington of violating the deal after Israeli military operations in southern Lebanon.
  • Iran warned that further escalation could lead to retaliatory strikes and another Strait of Hormuz blockade.

According to The Hormuz Letter, citing reports from Fars and Al-Mayadeen, Tehran halted the entire negotiation framework less than 24 hours after the agreement was electronically signed

Iranian officials argued that Israeli military operations in southern Lebanon violated the first clause of the memorandum, which they said was intended to halt hostilities and protect Lebanese sovereignty.

Israeli forces carried out overnight operations in southern Lebanon, according to reports cited by Iranian media. Tehran subsequently accused the United States of failing to ensure compliance with the agreement and rejected suggestions that Israel’s actions should be viewed separately from Washington’s responsibilities under the deal.

Iranian officials also warned that the country would not unilaterally fulfill its own obligations under the memorandum until it receives assurances that Israeli military activity has stopped and that the U.S. has adhered to the agreement’s terms, according to The Hormuz Letter.

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The dispute quickly disrupted diplomatic efforts. Reports indicated that an Iranian delegation had already been preparing to travel to Switzerland for the first round of negotiations before Tehran decided to suspend the entire process.

The planned talks were expected to begin a 60-day diplomatic track between U.S. Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf. With the negotiations now paused, uncertainty has returned to a process that had only just begun.

Oil supply concerns return to financial markets

Attention has increasingly shifted toward the Strait of Hormuz, a critical route for global energy exports. Iranian threats to close the waterway have renewed concerns about potential disruptions to oil shipments despite recent declines in crude prices.

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Market participants have closely monitored the route because a significant share of the world’s seaborne crude exports passes through the narrow passage connecting the Persian Gulf to international markets. Any interruption could tighten energy supplies and reverse the recent drop in oil prices toward the $75-per-barrel range.

Analysts have long warned that higher oil prices can fuel inflation pressures, complicating expectations for future monetary policy decisions. A renewed surge in energy costs could affect sentiment across equities, commodities, and other risk-sensitive assets.

Crypto traders react to rising geopolitical tensions

Digital asset markets moved lower as investors assessed the latest developments. Bitcoin fell below $63,000 on Thursday and briefly traded near the $62,000 level as traders reduced exposure to risk assets amid growing uncertainty in the Middle East.

The decline extended across the broader cryptocurrency market, where concerns over a possible Hormuz disruption added to existing macroeconomic risks. Traders have also been weighing how higher energy costs could influence inflation and interest-rate expectations.

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Rising geopolitical tensions also triggered a wave of liquidations across crypto derivatives markets. According to CoinGlass data, approximately $499.34 million in positions were liquidated over the past 24 hours, with long traders accounting for $402.11 million of the losses. More than 125,000 traders were liquidated during the period as Bitcoin fell below $63,000 and broader market volatility increased.

CoinGlass liquidation dashboard showing $499.34 million in 24-hour crypto liquidations, including $402.11 million in longs and $97.23 million in shorts.
Source: CoinGlass

With negotiations suspended and Tehran warning of additional retaliatory measures, investors are likely to remain focused on developments surrounding the U.S.-Iran agreement, Israeli military activity in Lebanon, and the future of shipping through the Strait of Hormuz.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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Backpack's Tokenized SpaceX Token on Solana Crosses 10,000 Holders, Nearly Double xStocks' SPCXx

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Backpack's Tokenized SpaceX Token on Solana Crosses 10,000 Holders, Nearly Double xStocks' SPCXx


Backpack's tokenized SpaceX share token has crossed 10,000 onchain holders on Solana, six days after listing alongside the company's Nasdaq debut. The milestone widens the holder gap with rival xStocks' SpaceX product and lands as Backpack chief executive Armani Ferrante stakes out a structural… Read the full story at The Defiant

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Is SpaceX the Ultimate Exit Liquidity for Billionaires?

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Is SpaceX the Ultimate Exit Liquidity for Billionaires?

The ‘SpaceX exit liquidity’ narrative is everywhere since the IPO last week. Critics argue that the huge demand for SpaceX shares could let early investors, employees, or insiders sell stock at very high valuations while new buyers, especially retail investors, take the risk.

However, the S-1 filing, the lock-up calendar, and crypto futures positioning suggest the opposite, at least for now.

Who Can Sell SpaceX Shares Early?

It is critical to start with the supply side of the exit liquidity question. The offering sells only newly issued SpaceX shares. The company raised about $75 billion from 555.6 million new Class A shares, and the S-1 confirms that no existing holder sells at listing.

Every dollar goes to SpaceX itself, largely to fund its AI buildout. Many readers asking how to buy SpaceX IPO shares assume insiders sell to them directly. They do not.

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SpaceX Stock Price Chart. Source: Google Finance

Want more insights like this? Sign up for Editor Harsh Notariya’s Daily Newsletter here.

Insiders keep roughly 95.8% of the equity. Elon Musk and certain significant investors agreed to a 366-day lock-up, an agreement that blocks sales for a set period. Employees face restrictions too.

Lower-tier staff, such as welders, became paper millionaires this week, but their equity stays frozen until the first release window after Q2 earnings. They cannot dump SpaceX stock today, no matter how much they want to.

The one true carve-out is a directed share program covering up to 5% of the IPO shares for individuals selected by executives. Even they reportedly sell only after the first earnings report, and they buy fresh stock at the offer price.

SpaceX Earnings Lock-In Data
SpaceX Earnings Lock-In Data: BeInCrypto

So if nobody connected to SpaceX can sell today, who wants to sell later, and when does the door open?

The Billionaires Want Out, but the Lock-Up Sets the Date

The sellers in waiting are real, and this is where the SpaceX IPO exit liquidity story finds its grain of truth. Google or Alphabet holds about 5% of the company after the xAI merger diluted its earlier 6.11% stake.

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That position could be worth up to $100 billion, a roughly 100x gain on its 2015 investment. They might want to liquidate some of that.

Early venture backers sound the same alarm.

Space Capital founder Chad Anderson told Fortune:

“We’ve been invested for almost ten years, it’s our business to return capital to investors.”

Yet, their exit runs through the SpaceX lock-up schedule. Up to 20% of eligible insider shares unlock after Q2 earnings, expected between mid July and September. Another 10% unlocks if SPCX holds 30% above the offer price for five of ten sessions. Five 7% tranches follow at 70, 90, 105, 120, and 135 days, with 28% more after Q3 earnings and full release at 180 days.

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Unlock Schedule For SpaceX IPO Exit Liquidity Narrative
Unlock Schedule For SpaceX IPO Exit Liquidity Narrative: BeInCrypto

That metered supply meets a scheduled buyer. Nasdaq’s fast entry rule and MSCI’s early inclusion push index funds, and the retirement accounts behind them, to buy SpaceX stock within weeks of listing.

Passive inflows become standing demand for whatever insiders release. The financials explain why some may hurry.

SpaceX reported $18.7 billion in 2025 revenue with a $4.9 billion net loss, as Starlink’s $4.4 billion operating profit funded a $6.4 billion xAI loss. The SpaceX valuation sits near 94 times trailing sales, and Facebook’s staggered 2012 lock-up still ended 40% below its offer price.

Selling pressure is therefore scheduled, not imaginary.

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Whether retail stands beneath it depends on who actually received the allocation.

Retail Was Cut Back, Not Loaded Up

If insiders planned to unload on small investors, the allocation should have maximized the retail bag. The opposite happened. Retail investors submitted more than $100 billion in orders to buy SpaceX IPO shares, exceeding the $75 billion deal size, and total demand reached 3.5 to 4 times the available stock.

SpaceX then cut the retail allocation to the low 20% range from a planned 30% because institutional appetite was strong. BlackRock alone ordered at least $5 billion, while sovereign funds took allocations of more than $1 billion each.

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Mechanics weaken the bag-holder framing further. Fills were random or pro rata, depending on the broker, and brokers’ debit cash only for shares actually received. Anyone who failed to buy SpaceX shares in the offering simply keeps their money.

Selling Structure For Better Understanding
Selling Structure For Better Understanding: BeInCrypto

The exit liquidity story only works if retail ends up as the bag holder. That requires one of two traps. Either retail holds shares it cannot sell, or it got handed shares nobody else wanted.

SPCX retail escaped both, since it can sell from day one and received fewer shares than it ordered.

The post Is SpaceX the Ultimate Exit Liquidity for Billionaires? appeared first on BeInCrypto.

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Ondo Finance Adds 173 Tokenized Stocks and ETFs, Taking Catalog Past 430 Assets Across Three Chains

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Ondo Finance Adds 173 Tokenized Stocks and ETFs, Taking Catalog Past 430 Assets Across Three Chains


Ondo Finance added 173 tokenized stocks and ETFs to Ondo Global Markets on Tuesday, pushing its catalog past 430 assets available across Ethereum, Solana, and BNB Chain. Ondo Finance's official X account announced the expansion on June 17. The batch spans some of the most capital-intensive corners… Read the full story at The Defiant

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CME Group to Sue CFTC Over Approval of Bitcoin Perpetual Futures

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The CME Group has said that it will sue the Commodity Futures Trading Commission (CFTC) over its decision to approve perpetual futures in the U.S.

CEO Terrence Duffy told CNBC on Wednesday that the firm plans to file the lawsuit on Thursday, saying its case will be based on the argument that perpetual futures are swaps under the Dodd-Frank Act.

Perpetuals Should Be Classified As Swaps

Duffy said CME believes the products should be treated as swaps instead of futures contracts, adding that the company’s benchmark licensing agreements mean providers offering them would need to work through the exchange.

“We have an exclusive license with every single provider of the benchmarks. So all of these would have to go through CME regardless of the perpetual,” said Duffy.

Perpetual futures are contracts that do not have an expiration date and allow traders to speculate on an asset’s price without directly owning it.

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The development follows the CFTC’s May approval of Kalshi to offer BTC perpetual futures, making it the first time the product was greenlighted for the U.S. market. Meanwhile, the offering has already been widely used in international markets, with the prediction market platform already making plans to expand its range to include other cryptocurrencies.

Last year, Coinbase also became the first exchange to offer these derivatives to American investors through its Coinbase Financial Markets (CFM) platform.

Duffy Says CME is Ready for the Dispute

The CEO said the company has been preparing for the legal battle with its board for the past eight months and is prepared to proceed with the challenge.

“I’ve never shied away from one, and I won’t shy away from this…And that’s why I wanted to announce on your show that we will be filing this litigation tomorrow, because we are not taking this lightly,” he said.

Elsewhere, CFTC Chair Michael Selig has defended the agency’s decision to approve perpetual futures in the U.S., saying the move was aimed at allowing regulated products without expiration dates to become available domestically while ensuring they operate under American oversight.

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The average SpaceX buyer post-IPO is almost under water after two-day slide

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The average SpaceX buyer post-IPO is almost under water after two-day slide

SpaceX celebrates their IPO at the Nasdaq on June 12th, 2026.

Adam Jeffery | CNBC

The average investor who bought SpaceX shares in the open market after its debut has seen nearly all of their gains disappear as a sharp pullback erased a large chunk of the stock’s post-IPO surge.

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Shares of SpaceX fell 3.6% Thursday to just under $184.98 a share. The stock’s five-day volume-weighted average price, or VWAP, is $181.71 a share. VWAP measures the average price a security has traded throughout the day, weighted by trading volume and is widely used by traders to gauge investors’ positioning.

The move suggests the average post-IPO buyer is now approximately breaking even.

The stock soared from its $135 IPO price to an intraday high above $225 on Tuesday as investors piled into one of the most anticipated public offerings in years. Since then, however, shares have retreated 20%, wiping out much of the gains accumulated after the debut. It’s now back to where it was trading on day two, Monday..

The decline has also narrowed the profits for thousands of retail investors who gained access to the IPO through brokerage platforms including Robinhood, Fidelity and SoFi. While many individual investors received only a fraction of the shares they requested — in some cases just one or a handful of shares — those allocations were purchased at the $135 offering price, leaving them with gains even after the recent pullback.

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The reversal underscores how quickly sentiment has shifted following the company’s blockbuster debut. After briefly pushing SpaceX’s market value close to $3 trillion, investors have begun reassessing whether the stock’s rapid advance can be justified by fundamentals.

— CNBC’s Chris Hayes and Deena Zaidi contributed to the story.

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