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First Mover Americas: Circle Argues Stablecoins Aren’t Securities in Response to SEC’s Binance Lawsuit
The latest price moves in crypto markets in context for Sept. 29, 2023.
Updated Sep 29, 2023, 1:10 p.m. Published Sep 29, 2023, 1:10 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Stablecoin issuer Circle has intervened in the Securities and Exchange Commission’s case against major crypto exchange Binance, arguing that financial trading laws shouldn’t spread to stablecoins whose value is tied to other assets. In June, regulators charged Binance with multiple legal violations for facilitating trades in cryptocurrencies, such as Solana's SOL, Cardano's ADA and the Binance stablecoin BUSD, which the SEC alleged constituted unregistered securities. That’s become one of the most major cases in crypto right now, as the world’s biggest crypto exchange – alongside rivals like Coinbase – seek to argue that crypto isn’t caught by existing heavy-handed U.S. financial laws.
Asset manager Valkyrie started buying ether futures contracts, after getting approval to convert its existing bitcoin futures exchange traded fund (ETF) to a two-for-one investment vehicle. "Today, the Valkyrie Bitcoin Strategy ETF (Nasdaq: $BTF) began adding exposure to Ether futures contracts, making it the first U.S. ETF to provide exposure to Ether and Bitcoin futures contracts under one wrapper," a spokesperson told CoinDesk in an email statement. Valkyrie was first to get approval for ETH futures ETF among other firms, as it "supplemented its prospectus and updated risk disclosures related to Ether futures," said the spokesperson.
Cryptocurrency exchange Coinbase (COIN) announced this week that it had received regulatory approval in Bermuda to list perpetual futures to users outside of the United States. The move comes as no surprise, after Coinbase acquired a license in Bermuda to operate a spot exchange back in April following a gung-ho approach from U.S. regulators, with the ultimate intention of rolling out a perpetual futures platform. Perpetual futures are a type of cash-settled derivatives contract that allow traders to "long" or "short" an underlying asset with leverage. Instead of the contract expiring every month or quarter, perpetual swap traders pay a funding rate that represents the difference between the mark and index price of the underlying asset, this ensures that pricing stays efficient.
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- The chart shows that addresses holding at least 0.1% of bitcoin's supply have recorded strong net inflows throughout Q3.
- When bitcoin dropped to $25,000 large holders saw inflows of $600 million within a day.
- Since then bitcoin has seen three other spikes of $400 million + in net inflows to large holders, showing strong interest quietly building up, according to IntoTheBlock. "These have happened while centralized exchanges have seen outflows, suggesting it is organic buyers receiving these funds and not just CEX addresses," said IntoTheBlock.
- Source: IntoTheBlock.
- Lyllah Ledesma
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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