The Commodity Futures Trading Commission (CFTC) has opened an inquiry into the Super Bowl-themed event contracts launched on Crypto.com and Kalshi to understand how these contracts comply with derivatives regulations.

Two of the largest cryptocurrency exchanges in the United States, Coinbase and Kraken, have announced they received key regulatory approvals to expand their services across the European Union and the United Kingdom.

Layer-1 blockchain network Hyperliquid has surpassed Ethereum in seven-day revenue after generating approximately $12.8 million over the period, compared with around $11.5 million for the Ethereum network.

Top stories in the Crypto Roundup today:

• CFTC Launches Inquiry into Crypto.com, Kalshi’s Super Bowl-Themed Contracts
• Coinbase and Kraken Secure Key EU and UK Regulatory Approvals
• Hyperliquid Surpasses Ethereum in 7-Day Revenue with $12.8 Million Haul

CFTC Launches Inquiry into Crypto.com, Kalshi’s Super Bowl-Themed Contracts

The Commodity Futures Trading Commission (CFTC) has opened an inquiry into the Super Bowl-themed event contracts launched on Crypto.com and Kalshi to understand how these contracts comply with derivatives regulations.

The agency, empowered to seek additional information from companies that “self-certify” their financial products, is scrutinizing whether the contracts are susceptible to manipulation and meet other regulatory requirements.

The CFTC, following its review of the companies’ responses, could initiate enforcement action or draft new rules for the sector. Last week, the agency announced it would hold public roundtables to discuss emerging issues in derivatives markets.

The scrutiny follows a January vote to put Crypto.com’s sports contracts under a specific regulatory review to determine if they constitute gaming, a classification that triggers heightened oversight over whether the contracts are in the public interest.

By mid-April, the CFTC is expected to vote on whether to bar these contracts. The regulator’s new inquiry comes shortly after Robinhood announced it was launching its own sports trading.

Coinbase and Kraken Secure Key EU and UK Regulatory Approvals

Two of the largest cryptocurrency exchanges in the United States, Coinbase and Kraken, have announced they received key regulatory approvals to expand their services across the European Union and the United Kingdom.

Kraken received a license under the European Union’s Markets in Financial Instruments Directive (MiFID) by acquiring a Cypriot investment firm already authorized by the Cyprus Securities and Exchange Commission. The license allows Kraken to offer cryptocurrency derivatives to professional traders in select EU markets.

Coinbase, meanwhile, received a Virtual Asset Service Provider (VASP) registration from Britain’s Financial Conduct Authority, enabling the company to provide both cryptocurrency and traditional financial services to U.K. customers.

The timing of the approvals is significant, as the EU’s Markets in Crypto-Assets (MiCA) regulations are set to take full effect later this year, while the U.K. is set to introduce a comprehensive crypto regulatory framework early in the year.

Hyperliquid Surpasses Ethereum in 7-Day Revenue with $12.8 Million Haul

Layer-1 blockchain network Hyperliquid has surpassed Ethereum in seven-day revenue after generating approximately $12.8 million over the period, compared with around $11.5 million for the Ethereum network.

The growth of Hyperliquid’s revenue reflects the network’s rapid growth as a venue for trading perpetual futures contracts, as well as Ethereum’s difficulty in competing against upstart blockchains.

While Ethereum still commands significantly higher daily trading volume — roughly $4.7 billion compared to Hyperliquid’s $470 million — Hyperliquid’s daily transaction volume has nearly doubled since the start of the year.

Ethereum’s revenue was severely impacted by the March Duncan upgrade, which reduced transaction fees by approximately 95%.

State of the Crypto by Top Tier Exchange Volume

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