If you want a quick, fresh snapshot of the crypto world today, here’s a rundown of some of the biggest headlines shaking up Bitcoin, DeFi, NFTs, Web3, and crypto regulations right now.
Crypto Perpetual Futures Could Hit U.S. Markets Very Soon
Summer Mersinger, the outgoing commissioner of the U.S. Commodity Futures Trading Commission (CFTC), revealed on May 22 that perpetual futures contracts for cryptocurrencies may soon be approved and trading live within the United States. Speaking to Bloomberg TV, Mersinger said applications are already underway and she expects the arrival of these products imminently. This marks a potential turning point in the U.S. crypto market, bringing highly leveraged crypto derivatives back onshore under regulatory oversight.
Perpetual futures are unique because unlike traditional futures, they don’t expire and allow traders to bet on crypto prices without owning the underlying assets. Mersinger, who will soon leave the CFTC to become CEO of the Blockchain Association, emphasized how regulated trading could strengthen the industry and benefit the market ecosystem overall.
Senate Eyes Amendment to GENIUS Act Over Trump Family Stablecoin Links
While the U.S. Senate recently advanced the GENIUS Act, aimed at regulating stablecoins as legitimate payment instruments, a group of top Democrats plans to push back on potential conflicts of interest. Senators Chuck Schumer, Elizabeth Warren, and Jeff Merkley are preparing to introduce an amendment preventing sitting presidents from profiting off stablecoins — a move widely seen as a response to former President Donald Trump and his sons’ involvement in the stablecoin USD1 through the crypto platform World Liberty Financial (WLFI).
Critics warn that without this amendment, Trump could continue to personally benefit from legislation that legitimizes stablecoins, raising ethical and corruption concerns. The move to amend the bill highlights ongoing tensions around crypto regulation and political influence.
Cetus DEX on Sui Blockchain Suffers Massive Exploit, $200M+ Lost
One of the day’s most alarming developments comes from the decentralized exchange Cetus, built on the Sui blockchain. Reports surfaced on social media about a large-scale hack potentially draining over $200 million in digital assets. Data from crypto monitoring tools confirms that at least $63 million was moved from the Sui network to Ethereum, including a notable transfer of 20,000 ETH to a new wallet.
On May 22, Cetus saw a spike in transaction volume — surging to nearly $2.9 billion, a huge jump from the previous day’s $320 million — likely linked to the exploit. The tokens most affected lost over 75% of their value in a short span, shaking investor confidence.
Despite multiple requests for comment, neither Cetus nor the Sui team provided official statements regarding the incident, leaving many users anxious about the fallout and recovery.
Summing Up
Today’s crypto landscape is marked by promising regulatory progress with the potential return of crypto perpetual futures to U.S. soil, political battles shaping stablecoin governance, and a stark reminder of security risks through the Cetus exploit. As the industry evolves rapidly, staying informed on these developments is crucial for anyone involved or interested in the crypto space.
