The CFTC is reportedly set to block CME's fast-track bid to list a 24/7 mini WTI oil futures contract over concerns that round-the-clock trading could strain energy market liquidity. The move comes amid rising retail interest in oil derivatives, weekend price-risk demand and a broader dispute between CME and the regulator over crypto perps.

CFTC Chair Michael Selig has warned that regulators could end up writing digital asset rules if Congress fails to pass the Clarity Act before the Senate's August recess. The bill would divide crypto oversight between the CFTC and SEC, but negotiations remain slowed by disputes over DeFi, illicit finance and ethics provisions.

Phantom Technologies and Hyperliquid Policy Center have asked the Commodity Futures Trading Commission to implement a regulatory framework for on-chain derivatives markets, saying current rules hinder blockchain technology adoption. The firms' proposal includes clarifying that developers of decentralized protocol software should not have to register, allowing registered derivatives exchanges and other entities to use public blockchain networks for core functions, and codifying Phantom's no-action relief as a permanent rule.

CME Group has introduced Treasury Link, a product designed to simplify and reduce the cost of basis trades involving US Treasurys. The product consolidates the multistep process of buying Treasury bonds and shorting futures into a single electronic transaction. Regulators have expressed concern about the potential for increased market volatility stemming from basis trades, particularly if leveraged positions are unwound rapidly, but CME argues that the product will enhance market efficiency and transparency.

Goldman Sachs has instructed employees to limit their prediction market betting to sports and entertainment to mitigate compliance risks related to material nonpublic information. The bank's policy, detailed in an internal memo, comes as platforms such as Kalshi and Polymarket gain popularity for bets on a range of events, including elections and financial markets. The policy warns that repeated violations could result in termination.

Polymarket is seeking approval to offer margin trading in the US, a move that could make prediction-market contracts more capital efficient for institutional and sophisticated traders. The platform applied for a futures commission merchant license and must also win CFTC approval for rule changes allowing non-fully collateralized event trading.

US equity repo markets remain under pressure as near-record stock prices and leveraged ETF demand increase financing and hedging needs for dealers. Morgan Stanley and Barclays strategists warned that limited balance sheet capacity and concentrated exposure to technology shares could drive further quarter-end funding spikes and magnify any derivatives-led unwind.

ICE interest rate derivatives open interest surpassed CME's flagship SOFR contracts for the first time in June as demand for euro and sterling hedges increased. Combined open interest in ICE Euribor, Sonia and SOFR contracts reached $62.3 trillion in mid-June, topping CME's $55.9 trillion.

The European Parliament has advanced legislation for a digital euro, voting to proceed with negotiations with the European Council. The digital euro, issued by the European Central Bank, aims to provide a secure alternative to non-EU payment providers. Privacy safeguards and a cap on individual holdings are included in the proposal.

Concerns about prediction market ETFs have surfaced during the SEC's public feedback period, with early respondents warning that such products could encourage speculative behavior and heighten investment risk. Critics argue that tying ETFs to events without inherent economic value--such as election outcomes--amounts to financializing wagering and could turn investing into a form of gambling.