US Treasury Secretary Bessent: For every new rule added, the government removes 129 rules
U.S. Treasury Secretary Bessent stated: “For every new rule, the (U.S.) government eliminates 129 rules.”
[PANews]
Tether launching tokenized gold Visa card with XAUT rewards
Tether is launching a Visa card that allows consumers to earn rewards paid in its gold-backed stablecoin XAUT, the company said Wednesday.
“The card will operate on the Visa network, enabling users to spend fiat at merchant stores worldwide where Visa cards are accepted while earning up to 6% cashback in XAUT on eligible transactions, creating a reward layer tied to Tether’s gold-backed assets,” according to a statement.
To issue the card, Tether, the world’s largest stablecoin issuer with its U.S. dollar-pegged USDT, has teamed up with the fintech Fasset. The company is one of the largest “digital asset off-ramp providers” across Asia and Africa, the statement said. In 2022, Fasset raised $22 million in Series A funding.
Along with the ability to earn rewards on purchases, Tether said the card will automatically round up spare change from every transaction and then invest the fiat into XAUT, the gold-backed stablecoin with a market cap of roughly $2.6 billion. The card can also convert USDT to fiat for purchases, according to the announcement.
“Through this initiative, we are connecting stablecoins and tokenized gold to real-world payment systems, making them usable, accessible, and seamlessly integrated into global transactions, giving users the option to hold gold and invest it however they choose,” Tether CEO Paolo Ardoino said.
XAUT is officially offered by TG Commodities Limited, a Tether company. An XAUT token represents one fine troy ounce of gold on a London Good Delivery bar, according to Tether. Tether Gold holds about 24 tons of gold backing XAUT in its reserves, according to the company’s website.
Bitcoin perps hit Kalshi as U.S. traders get long-awaited access
Kalshi has launched CFTC-approved bitcoin perpetual futures in the United States, giving American traders access to a regulated version of a product that has long been dominated by offshore crypto exchanges. Kalshi announced on X that its bitcoin perpetual futures contract is now live on the platform, describing the launch as one of the first openings for U.S. investors to trade regulated crypto perps on domestic soil.
The product, listed as BTCPERP, follows approval from the Commodity Futures Trading Commission on May 29, 2026, under Commission Regulation 40.3. Bitcoin Perpetuals are now live for trading. The First American Perpetual Future. Only on Kalshi. pic.twitter.com/P8oXcFeosy
The CFTC order approved KalshiEX, LLC to list a contract tied to the spot price of bitcoin. Unlike traditional futures contracts, the contract has no expiration date, giving traders continuous exposure without a fixed settlement price.
Kalshi CEO Tarek Mansour told CNBC’s Squawk on the Street that perpetual futures are “the purest form of trading.” He also framed the launch as part of Kalshi’s move beyond prediction markets and into a fuller derivatives exchange model. Mansour said regulated onshore perps would help improve capital allocation and risk management for American businesses. His comments placed the product within a domestic market-structure debate that has grown as U.S. firms push to bring crypto products previously concentrated offshore to the U.S. market.
According to Kalshi, the platform shows funding rate history in transaction records, giving users access to one of the main pricing tools behind perpetual futures. Perpetual futures have become one of crypto’s largest trading markets. Reuters reported that perpetual futures volume reached $61.7 trillion in 2025, up 29% from 2024. Other market data cited by Kalshi placed offshore perpetual futures volume at $92.9 trillion in 2025. Much of that activity has taken place on offshore platforms such as Binance and Hyperliquid. Those venues built large markets while U.S. institutions had limited access to regulated domestic products with similar structures.
A perpetual futures contract stays open without a set expiry date. The funding rate, usually adjusted every eight hours, helps keep the contract price close to the underlying spot market.
CFTC Chairman Michael Selig, appointed by President Donald Trump, had previewed the regulatory opening in March 2026. Speaking at the Milken Institute, Selig said U.S.-listed perpetual futures were expected “in the next month or so.” After the Kalshi approval, Selig called the move “a major step forward” in President Trump’s plan to make the United States the crypto capital of the world. The CFTC said it will review additional perpetual futures contracts individually.
Kalshi, valued at $22 billion after a May 2026 funding round, plans to add more than a dozen cryptocurrencies if regulators approve them. Agricultural commodities are not included in its planned product list.
Competition is already building around regulated crypto perps. Kraken said it plans to list CFTC-regulated perpetual futures within 30 days of Kalshi’s approval, including BTC and other crypto assets. Robinhood and Gemini have also expressed interest in entering the market. Their plans suggest that regulated perpetual futures could become a major new battleground among U.S. crypto trading platforms.
Israeli Prime Minister: Trump and I agree on the main issues regarding Iran
Israeli Prime Minister Netanyahu said that Trump and he reached an agreement on the main issues concerning Iran.
[Odaily]
A whale bought 401 BTC at an average price of $66,957, after previously losing $2.50M
According to Lookonchain monitoring, a whale that previously lost over $2.50 million from buying high and selling low has bought BTC again. The whale bought 401 BTC today at an average price of $66,957, worth approximately $26.86 million.
Previously, this whale bought 81 BTC on January 16th at a price of $95,423 (worth approximately $7.73 million) and sold them on February 23rd at a price of $64,243, resulting in a loss of approximately $2.50 million.
[Foresight News]
Solayer launches Margin Trade mainnet, a Solana-based multi-asset perpetual contract platform
On June 4, Solayer’s high-performance public blockchain, built on the Solana Virtual Machine, launched the mainnet of its multi-asset perpetual contract platform, Margin Trade, enabling users to trade cryptocurrencies, commodities, and stocks on Solana via a single margin account.
The platform’s initial offerings include cryptocurrency perpetual contracts, commodity markets such as gold, silver, and crude oil, and the synthetic index MT500—which tracks the performance of the broad U.S. equity market—and it becomes the first platform to offer Pearl Research (PRL) perpetual contracts (with up to 3x leverage).
[PANews]
Israeli Prime Minister Netanyahu: We have “eliminated” approximately 20 Iranian nuclear scientists.
June 3rd news, Israeli Prime Minister Netanyahu stated: Iran has not yet agreed to ship out nuclear materials, but pressure is currently accumulating. Israel is ready to resume full escalation. The decision rests with Trump.
We “eliminated” about 20 Iranian nuclear scientists. We are working towards the same goal. The new agreement will not be a repeat of the “Iran nuclear deal,” but a better agreement should be reached.
[PANews]
Binance Discloses Revenue-Sharing Agreement with Alpaca: Will Receive 50% of Payment-for-Order-Flow (PFOF) Revenue, etc.
PANews, June 3: Binance’s newly released “Securities Trading Terms” indicate a revenue-sharing arrangement with U.S. brokerage infrastructure provider Alpaca. Under the agreement, Binance will receive 50% of Alpaca’s payment for order flow (PFOF) revenue and 65% of the residual profit from users’ securities lending activities—after paying interest to users.
Alpaca currently provides brokerage, clearing, and custody infrastructure for Binance’s stock trading business and is also a key service provider in the tokenized U.S. equities and ETF markets. As of December 2025, Alpaca’s custodied assets totaled approximately $480 million, representing roughly 29% of the current $1.62 billion tokenized stock market.
[Cointelegraph]
Kalshi: Bitcoin perpetual futures are officially launched
Prediction market platform Kalshi announced on X that Bitcoin perpetual contracts are now officially live.
This is reportedly the first Bitcoin perpetual contract product approved by U.S. regulators. The product is a perpetual contract referencing the Bitcoin spot price and is classified as a futures contract.
The U.S. Commodity Futures Trading Commission (CFTC) previously stated that, after review, the BTCPERP contract complies with the Commodity Exchange Act and related regulatory requirements, including the core principles applicable to designated contract markets (DCMs).
[ChainCatcher]
The EU’s MiCA transition period will end on July 1, and unlicensed crypto platforms must exit the market.
June 3rd news: The transition period for the European Union’s Markets in Crypto-Assets (MiCA) regulation will end on July 1st. At that time, Crypto-Asset Service Providers (CASPs) not authorized under MiCA must cease providing services to EU customers and implement business wind-down and user migration plans.
ESMA stated that merely submitting a license application does not constitute a basis for compliant operation. Member state regulatory authorities may require platforms to cease operations immediately, force users offline, and impose fines. The French regulatory authority AMF stated that continuing operations without authorization could constitute a criminal offense, punishable by up to 2 years imprisonment and a fine of 30,000 Euros. Germany’s BaFin will also complete the authorization transition for existing exempted institutions before June 30th.
OKX estimates that approximately 60% of European crypto users are still active on platforms not authorized under MiCA.
[PANews]
UK Prime Minister accuses Nigel Farage of dodging £5 million donation from crypto billionaire
UK Prime Minister accused Reform UK leader Nigel Farage of evading questions regarding a £5.00 million personal donation from Thai crypto billionaire Christopher Harborne and questioned why Farage kept the payment confidential.
The donation occurred several months before Nigel Farage’s participation in the 2024 general election and is currently under investigation by the Parliamentary Commissioner for Standards to determine whether it should have been registered. In response, Nigel Farage stated that he was not a Member of Parliament at the time and therefore had no obligation to declare it to authorities.
Additionally, another crypto entrepreneur, Ben Delo, also donated £4.00 million to the party.
[Odaily]
Bankless co-founder dumps ETH to buy VVV, NEAR, ZEC, HYPE, and LIT
David Hoffman, co-founder of Bankless, posted on X stating that after selling ETH, he immediately allocated approximately 50% of the proceeds to VVV, NEAR, ZEC, and HYPE, and used the remaining funds for dollar-cost averaging into projects that had not yet experienced significant price increases (NEAR was trading at approximately $1.40 at the time).
He noted that the remaining 50% of funds had already been deployed to establish a position in LIT.
[Odaily]
Prediction market platform Kalshi launches Bitcoin perpetual futures contracts
On June 3, prediction market platform Kalshi announced that Bitcoin Perpetuals are now officially available for trading, calling it the first Bitcoin perpetual futures product launched in the United States.
[PANews]
US Secretary of State Rubio reiterated that US military operations against Iran have ended.
On March 3 local time, U.S. Secretary of State Rubio stated at a hearing held by the House Appropriations Committee that the U.S. military operation “Epic Fury” against Iran has concluded, and declared that the U.S. “has achieved victory.”
Rubio said, “We are no longer conducting sustained strikes against targets inside Iran, as Operation ‘Epic Fury’ has ended.” He also noted that although the U.S. and Israel have inflicted severe damage on Iran’s military capabilities, Iran “still retains certain drone and maritime combat capabilities.”
[Odaily]
Today’s Market Pulse
The crypto market is experiencing a significant regulatory inflection point as the US approves Bitcoin perpetual futures while implementing deregulation principles, creating a more structured domestic market previously dominated by offshore exchanges.
Key Themes
US Market Structure Transformation
Kalshi’s CFTC-approved Bitcoin perpetual futures launch marks a pivotal moment for US traders, bringing regulated perpetual contracts—a product previously accessible only through offshore platforms like Binance and Hyperliquid. With $92.9 trillion in offshore perpetual futures volume in 2025, this regulated alternative addresses long-standing demands for domestic market structure. The approval reflects the Trump administration’s strategy to establish the US as the crypto capital of the world, with Kalshi valued at $22 billion and competition already emerging from Kraken, Robinhood, and Gemini.
Global Regulatory Divergence
While the US embraces crypto derivatives, the EU’s MiCA regulation transition period ends July 1, forcing approximately 60% of European crypto users on unlicensed platforms to migrate or cease operations. This regulatory divergence creates starkly different compliance environments across major markets. Simultaneously, Tether’s launch of a gold-backed Visa card with XAUT rewards represents innovative bridging of digital assets with traditional finance, potentially increasing real-world utility for tokenized assets.
Geopolitical Tensions and Market Impact
Statements from Israeli Prime Minister Netanyahu regarding Iran, including claims about “eliminated” nuclear scientists, alongside US Secretary of State Rubio’s declaration that military operations against Iran have ended, create uncertainty in Middle Eastern geopolitics. These tensions historically have influenced market sentiment, particularly with commodities and risk assets.
RichSilo Verdict
Smart money should monitor the flow of volume from offshore perpetual futures to regulated US platforms as a key indicator of market structure normalization. The Kalshi launch could trigger institutional adoption of crypto derivatives, with potential catalysts including additional CFTC approvals for other cryptocurrencies and the entry of major trading platforms. However, regulatory arbitrage opportunities may diminish as global frameworks mature, potentially compressing spreads but increasing overall market legitimacy and stability.
