Only Bitfinex may get restitution in 2016 hack, per government filing

Crypto perpetual futures contracts could receive regulatory approval in the US “very soon,” says outgoing Commodities and Futures Trading Commission Commissioner Summer Mersinger.Perpetual crypto futures “can come to market now,” Mersinger told Bloomberg TV on May 22. “We’re seeing some applications, and I believe we’ll see some of those products trading live very soon,” she said, adding it would be “great to get that trading back onshore in the United States.” Mersinger, who will leave the CFTC at the end of May, said having crypto derivatives trading and regulated in the US would be a “really good thing for these markets and would be really beneficial to the industry broadly.”Crypto perpetual futures are derivative contracts that allow traders to speculate on the price of cryptocurrencies without actually owning them. Unlike traditional futures contracts that have expiration dates, perpetual futures can be held indefinitely. They can also be traded with high leverage.Summer Mersinger on Bloomberg TV. Source: YouTubeCrypto perpetuals are not currently permitted in the US and are traded on large offshore centralized exchanges, such as Binance, OKX, and Bybit. Binance is the largest with almost $95 billion in perpetual trading volume per day, according to CoinGecko. It offers over 500 crypto perpetual pairs with up to 125x leverage.Related: BitMEX CEO explains how perpetual swaps test altcoin valueMersinger said that the recent procedural vote to move forward the GENIUS stablecoin bill signifies “this asset class is clearly here to stay.” “We really are going to make the United States the forefront of economic power that we can see from these tokens and this asset class.” Mersinger leaving the CFTCAt the end of May, Mersinger will leave the CFTC to work at the Blockchain Association, a trade group with over 100 members that represents the crypto industry and economy. On May 14, the Blockchain Association announced that its current CEO, Kristin Smith, would step down and Mersinger would assume the role on June 2. “We have a very strong incoming [CFTC] chairman who has a great voice for the crypto industry and will be a real advocate for the industry and the agency at large,” she said, adding that she hopes to contribute more to the crypto industry through her new position. Magazine: Crypto scam hub expose stunt goes viral, Kakao detects 70K scam apps: Asia Express

Michigan lawmakers have introduced four crypto-related bills covering crypto mining, central bank digital currencies (CBDCs) and crypto in state retirement funds.Republican state Representative Bill Schuette introduced House Bill 4510 on May 21, which would amend Michigan’s Public Employee Retirement System Investment Act to allow the state treasurer, currently Rachael Eubanks, to invest in cryptocurrencies that have averaged a market cap above $250 million over the last calendar year.Bitcoin (BTC) and Ether (ETH) are the only cryptocurrencies that currently meet that threshold. The bill adds that any cryptocurrencies must be held in the form of an exchange-traded product issued by a registered investment company.A similar bill was introduced in February, permitting the state treasurer to allocate up to 10% of Michigan’s Budget Stabilization Fund into crypto.Republican Representative Bryan Posthumus led the introduction of the second bipartisan crypto bill on May 21, HB 4511, which would prohibit Michigan from banning crypto or imposing licensing requirements on crypto holders. It would also prohibit state officials from advocating or supporting a proposed CBDC from the federal government.The bill defines advocating or supporting a CBDC to involve issuing a memorandum or official statement endorsing a CBDC proposal related to its testing, adoption or implementation.Source: Bitcoin LawsMichigan to consider two crypto mining billsHB 4512, the third crypto bill introduced by a bipartisan group led by Democratic Representative Mike McFall, would create a Bitcoin mining program allowing operators to set up at abandoned oil and gas sites. A supervisor would be assigned to determine how much oil or gas could reasonably be expected to be produced from the site, who the last operator of the site was and how long it has been left unused.Related: US Senate moves forward with GENIUS stablecoin billThose seeking to participate in the program would need to submit legal documents outlining their organizational structure, demonstrate their ability to operate as a Bitcoin mining entity and provide estimates of the breakeven price for a profitable venture.The fourth bill, HB 4513 — also filed by a McFall-led bipartisan group — would amend Michigan’s income tax laws to include income obtained from the proposed Bitcoin mining program.Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight 

Though a majority of members of the US Senate voted to advance a bill to regulate payment stablecoins on May 20, high-ranking Democrats are planning to propose an amendment to the legislation to address President Donald Trump’s connections to the cryptocurrency industry.According to a May 22 Axios report, Senate Minority Leader Chuck Schumer and Senators Elizabeth Warren and Jeff Merkley will file an amendment to the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, to block a US president from profiting from stablecoins. The proposed amendment would come after 18 Democrats sided with Republicans in the Senate in voting to advance the bill on May 20 after it failed a procedural vote on May 8.“Passing the GENIUS Act without our anti-corruption amendment stamps a Congressional seal of approval on Trump selling access and influence to the highest bidder,” Merkley said in a May 22 X post.Trump his three sons are involved in the crypto platform World Liberty Financial (WLFI), which launched its USD1 stablecoin in March. Critics have pointed out that the president could continue to personally benefit from legislation that helps recognize stablecoins like USD1 as financial instruments in the US. Related: US lawmaker introduces anti-corruption bill ahead of Trump’s dinnerAn Abu Dhabi-based investment firm said that it would use USD1 to settle a $2-billion investment in Binance, effectively allowing the president’s family to profit from the transaction fees. Democratic lawmakers have already called for an investigation into Trump’s connections to the platform, which was largely dismissed as “flawed” by WLFI co-founder Zach Witkoff.Stablecoins are just one of many potential conflicts, say DemocratsMerkley and Warren are also planning responses to Trump hosting a dinner at his golf club for up to 220 people who purchased the most significant amounts of his personal memecoin. Merkley is expected to attend a protest organized by the consumer advocacy group Public Citizen, in partnership with progressive political organization Our Revolution, outside the Trump venue on May 22. Warren held a press conference with Merkley, Senator Chris Murphy and Public Citizen representatives, calling on Trump to “release the guest list” for the dinner event. Though a few of the potential attendees have publicly announced they were the owners of the wallets who purchased the memecoin and intended to go, the majority were still anonymous at the time of publication.“What is happening tonight — this private, secret dinner — in which individuals who have put money in Donald Trump’s pocket, get access to him, is maybe the most corrupt of all the corruption,” said Murphy, adding:“They were able to pay their way in to get an audience with the President of the United States to ask for favorable national security concessions.”Cointelegraph reached out to the White House for comment, but had not received a response at the time of publication.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions