Round up of today’s market news

North American News

Major US Indices Rebounds

The major US indices closed higher today, following a volatile three-day sawtooth pattern, characterized by alternating gains and losses. Here’s a breakdown of the recent performance:

Dow Industrial Average

• Up 341 points
• Down -398 points
• Up 126.13 points
  Today: +0.30%

S&P 500

• Up 51 points
• Down -55.13 points
• Up 55.21 points
  Today: +0.97%

NASDAQ Composite

• Up 219 points
• Down -213.95 points
• Up 259.01 points
  Today: +1.45%

Russell 2000
The small-cap index gained modestly by 0.09%.

China Stocks Struggle Amid Stimulus Concerns

Chinese stocks underperformed today as doubts resurfaced about the effectiveness of China’s economic stimulus measures. Notable losers included:

• Tencent: -8.5%
• Nio: -8.03%
• Alibaba: -6.63%
• iShares MSCI China ETF: -10.81%

Biggest Gainers Today

Several stocks posted impressive gains, including:

• Trump Media & Technology Group: +18.54%
• Robinhood Markets: +9.86%
• Palantir: +6.56%
• Chewy: +5.32%
• Palo Alto Networks: +4.79%
• Intel: +4.20%
• NVIDIA: +4.05%
• Block: +3.87%
• American Airlines: +3.38%
• Broadcom: +3.23%
• Netflix: +2.82%

Atlanta Fed Q3 GDPNow +3.2% vs +2.5% prior

• Nice bump in the GDP tracker

In their own words:

“After recent releases from the US Census Bureau, the Institute for Supply Management, the US Bureau of Labor Statistics, and the US Bureau of Economic Analysis, the nowcasts of third-quarter real personal consumption expenditures growth, third-quarter real gross private domestic investment growth, and third-quarter real government spending growth increased from 3.0 percent, 0.8 percent, and 1.7 percent, respectively, to 3.3 percent, 3.4 percent, and 2.2 percent.”

US treasury auctions off $58 billion of 3-year notes at a high yield of 3.878%

• WI level at 3.871%

• High yield 3.878%
• WI level at the time of the auction 3.871%
• Tail: 0.7 bps vs six-month average of 0.0 bps
• Bid to cover: 2.44X versus six-month average of 3.57X
• Directs (domestic demand): 23.97% versus six-month average of 18.1%
• Indirects (international demand): 56.87% versus six-month average of 66.1%
• Dealer: 19.17% versus six-month average of 15.8%

US international trade balance for August $-70.4 billion vs -$70.6B est/last month – $78.9B

• The US international trade balance for August 2024

• Prior month $-78.8 billion revised to $-78.9 billion
• trade balance $-70.4 billion versus $-70.6 billion estimate.
• good trade balance -$94.22 pain dollars versus $-102.8 billion last month
• services surplus $24.4 billion versus $24.3 billion last month

Details:

• exports +2% versus July’s +0.5%
• imports -0.9% versus July +2.1%
• exports $271.76 billion versus $266.48 billion last month
• imports $342.1 billion versus $345.4 billion last month
• capital goods imports $83.13 billion versus $83.46 billion last month
• China trade deficit $-27.88 billion versus $-30.12 billion last month
• Year-to-date, the goods and services deficit increased $47.1 billion, or 8.9 percent, from the same period in 2023. Exports increased $79.0 billion or 3.9 percent. Imports increased $126.1 billion or 4.9 percent.

Three-month averages of the deficit shows:

The average goods and services deficit decreased $1.6 billion to $74.1 billion for the three months ending in August.

• Average exports increased $3.7 billion to $267.8 billion in August.
• Average imports increased $2.0 billion to $342.0 billion in August.

Year-over-year, the average goods and services deficit increased $11.1 billion from the three months ending in August 2023.

• Average exports increased $13.3 billion from August 2023.
• Average imports increased $24.4 billion from August 2023.

US September NFIB small business optimism index 91.5 vs 91.2 prior

• Latest data released by NFIB – 08 October 2024
• NFIB small business optimism index 91.5 vs 91.2 prior

The NFIB Small Business Optimism Index rose by 0.3 points in September to 91.5. This is the 33rd consecutive month below the 50-year average of 98. The Uncertainty Index rose 11 points to 103, the highest reading recorded. Fifty-one percent of owners reported capital outlays in the last six months, down five points from August. Meanwhile, the number of owners reporting inventory gains fell four points to a net negative 13% (seasonally adjusted), the lowest reading since June 2020.

“Small business owners are feeling more uncertain than ever,” said NFIB Chief Economist Bill Dunkelberg. “Uncertainty makes owners hesitant to invest in capital spending and inventory, especially as inflation and financing costs continue to put pressure on their bottom lines. Although some hope lies ahead in the holiday sales season, many Main Street owners are left questioning whether future business conditions will improve.”

Atlanta Fed Pres. Bostic: Labor market has slowed down, but is not slowing or weak

• Atlanta Fed Pres. Bostic is speaking

• Labor market has slowed down, but is not slow or weak.
• Monthly job creation above what is needed to account for population growth.
• Economy is close to the Fed targets and moving closer.
• Inflation rate is still quite a ways above 2%.
• A risk that the economy is too strong, and could hamper policy recalibration.

Jamie Dimon: AI is real, is going to change an awful lot of things

• Jamie Dimon on AI and markets

JPMorgan CEO Jamie Dimon’s Bloomberg Interview Highlights:

• Sees deficits as inflationary, and they ‘need to be dealt with’
• Fed’s 50 bps cut was appropriate; longer rates may tick up slightly
• Midsize US bank mergers should be allowed
• AI is “real” and transformative; JPM added 1,000 AI workers
• IPO backlog exists but execution uncertain
• Public markets high, but IPO activity remains surprisingly subdued
• Private capital raising viewed positively

PepsiCo expect higher borrowing costs to impact consumer spending

• Prepared remarks from Pepsico

• PepsiCo says inflation and higher borrowing costs over the last few years continue to impact consumer spending – Prepared Remarks.
• PepsiCo – Expect 2024 inflationary pressures to moderate vs prior year, but some commodity costs to remain elevated.
• PepsiCo: “Believe our snack categories remain attractive.”
• PepsiCo – Continue to see long runway of profitable growth for international business.
• PepsiCo: Sees improved Quaker Foods North America net revenue in Q4 as recall-affected production resumes.
• PepsiCo: Expects consumers to remain value conscious amid inflation.
• PepsiCo – Pockets of elevated geopolitical tension & macroeconomic pressure expected to persist in some international market in 2024.

Fed’s Williams Signals More Rate Cuts Ahead After September Reduction

• Fed’s Williams indicates further rate cuts to follow recent reduction, supporting growth while monitoring inflation carefully.

Federal Reserve Bank of New York President John Williams suggested that further rate cuts will be appropriate over time, aligning with Chair Jerome Powell’s outlook for gradual reductions.

Williams told the FT:

“I personally expect that it will be appropriate again to bring interest rates down over time,”

“Right now, I think monetary policy is well positioned for the outlook, and if you look at the SEP [Summary of Economic Predictions] projections that capture the totality of the views, it’s a very good base case with an economy that’s continuing to grow and inflation coming back to 2 per cent.”

After September’s larger-than-usual half-point rate cut, the Fed appears set to follow a more measured approach in the coming months as economic data continues to support growth and inflation moderation.

The latest payrolls report strengthened expectations of a quarter-point rate cut in the near term, with traders pricing in a high probability for November.

Williams’ comments highlight how the Fed is walking a fine line—supporting the economy while making sure it doesn’t cut rates too quickly and spark inflation again.

Fed’s Kugler: Support additional rate cuts if progress on inflation continues

• Comments from Fed Governor Adriana Kugler

• I will support additional rate cuts if progress on inflation continues as expected.
• I want a balanced approach to make progress on inflation and avoid an undesireable slowdown in jobs and economic growth.
• Our approach to any policy decision will continue to be data dependent.
• If downside risks to employment escalates, cutting rates more quickly may be appropriate.
• If incoming data do not provide confidence inflation is moving toward 2%, slowing normalisation may be appropriate.
• Labour market cooling has started but the Fed is looking at trends, not single data.
• Healthy levels of jobs creation is very welcome.
• Several metrics point toward labour market cooling.
• I have been seeing serious reduction in inflation.

Goldman Sachs has raised its target for S&P 500 again, as high as 6300

ICYMI, via a Goldman Sachs note on Friday, the firm raised its targets for the US benchmark S&P 500 index:

• 6000 by end 2024 (their prior forecast was 5600)
• 6300 within 12 months (prior 6000)
• add that these targets may be ‘too low’

GS cite:

• “our economists’ forecast for U.S. GDP growth is above consensus”
• higher margin growth
• steady macroeconomic outlook through next year, “remains conducive to modest margin expansion”
• 2024 EPS estimate unchanged at $241
• 2025 EPS estimate to $268 (from $256)
• expect a recovery in the semiconductor cycle as well as ongoing strength for mega-cap techs

Fed’s Musalem: Costs of easing too much outweigh easing too little

• St. Louis Fed President Alberto Musalem

St. Louis Fed President Alberto Musalem speech, “Financial Conditions, the Economic Outlook and Monetary Policy,” at a Money Marketeers of New York University Inc. event.

• More rate cuts likely given economic outlook.
• Won’t predict timing or size of future Fed easing.
• Personal rate outlook is above Fed’s median view.
• Costs of easing too much outweigh easing too little.
• Supported Fed’s decision last month to cut rates by 50 basis points.
• Policy patience has served Fed well.
• Cooler job market still consistent with strong economy.
• Expects inflation pressures to continue to abate.
• Expects inflation to converge to 2% over next couple of quarters.
• Financial conditions remain supportive of growth.
• Some economic activity slowed by rate policy, election uncertainty.

Q&A now:

• The September jobs report was very strong.
• The labor market is strong; it is healthy.
• There is no emergency in the job market right now.
• The jobs report didn’t cause a change in outlook.
• The current policy path is still appropriate despite the jobs data.
• I don’t pay much attention to market pricing of the Fed outlook.
• Won’t prejudge the outcome of coming Fed meetings.
• Fed’s dot plot is helpful to understand Fed actions.
• Upside risks to inflation still there, but risks aren’t high.

JP Morgan say that U.S. stocks appear overextended

• High P/E & EPS ratios could limit future gains

JP Morgan analysts suggest that U.S. stocks appear overextended following a recent rally, which may increase the risk of market concentration and the chance of a momentum shift.

The bank noted that while the U.S. has generally performed better than other regions during market downturns, the fact that U.S. stocks are trading at high price-to-earnings (P/E) and earnings-per-share (EPS) ratios could limit their future gains.

JPM also mentioned that US stocks are currently priced significantly higher compared to global peers, and the region’s profitability relative to the rest of the world may be nearing its peak.

Canadian August trade balance billion -1.10 billion vs -0.50 billion expected

• Canadian August trade balance data

• Prior was +0.68 billion (revised to -$0.29 billion)
• Exports $64.31 billion vs $65.66 billion prior (revised to $64.94 billion)
• Imports $65.41 billion vs $64.97 billion prior (revised to $65.22 billion)

Commodities

Gold Slips on Investor Disappointment Over China’s Limited Stimulus

Gold fell to the lower end of its range on Tuesday, trading in the $2,620s as investor disappointment over China’s limited fiscal stimulus weighed on the market. China, the world’s largest consumer of gold, announced a smaller-than-expected economic stimulus package, reducing the precious metal’s upward momentum.

Fed Policy Outlook
Adding to the pressure, expectations for a 50 basis point (bps) interest rate cut by the Federal Reserve (Fed) in November have diminished. Instead, investors are pricing in the likelihood of a smaller 25 bps cut, or no cut at all, which raises the opportunity cost of holding non-yielding assets like gold.

Support from ETF Flows and Geopolitical Tensions
Gold continues to find support from Exchange Traded Fund (ETF) inflows, which have increased for the fifth consecutive month, according to the World Gold Council. Inflows of 18 tonnes in September, representing $1.4 billion, signal sustained investor demand.

The metal is also buoyed by safe-haven demand, driven by rising geopolitical tensions, particularly the conflict in the Middle East. Israel’s escalating attacks on targets in Lebanon and the anticipation of potential retaliatory strikes on Iran are factors providing further support for gold prices amid heightened uncertainty.

Despite these factors, gold faces continued downside pressure, especially if China’s economic outlook remains subdued. The overall lower global interest rate environment helps cushion the metal’s decline, maintaining its appeal as a portfolio asset.

Oil survey of inventory shows a headline crude oil build much larger than expected

• This is from the privately surveyed oil stock data ahead of official government data tomorrow morning out of the US.

• Crude +10.9 million(exp. +1.95 million)
• Gasoline -557,000
• Distillates -2.59 million
• Cushing +1.359 million
• SPR +300,000

Crude oil settles at $73.57

• Down $3.57 or -4.63%

Crude oil futures are settling down $73.57. That’s down $3.57 or -4.63%.

The high price today reached $78.42. The low price extended to $72.73.

Libya’s NOC reports crude production up to 1.13M BPD after force majeure lifted

• For the oil traders

• Libya’s NOC says daily production reached 1,133,133 BPD of crude oil and condensate in the last 24 hours – Statement.
• Libya’s NOC says recovery comes just days after the lifting of the force majeure – Statement.

EU News

European equities close lower

• European stock markets all lower

US stock markets are cruising today as tech rips but it was a different story in Europe as optimism about exports to China ebbed.

• Stoxx 600 -0.5%
• Germany DAX -0.2%
• France CAC -0.7%
• UK FTSE 100 -1.4%
• Spain IBEX flat
• Italy FTSE MIB -0.3%

German Industrial Production Beats Expectations at 2.9% Rise in August

• Germany’s industrial production for August surpassed expectations with a 2.9% increase, showing strong growth in the manufacturing sector.

Germany’s industrial production for August surpassed expectations with a 2.9% increase, showing strong growth in the manufacturing sector.

Germany German Industrial Production (MoM) (Aug)

• Actual: 2.9%
• Expected: 0.8%
• Previous: -2.4%

French Trade Balance data for August reveals a shortfall, impacting Exports

• Explore the latest figures on French Exports, Imports, and Current Account for August

France French Trade Balance (Aug)

• Actual: -7.4B
• Expected: -5.5B
• Previous: -6.0B

French Imports

• Actual: 57.0B
• Previous: 55.5B

French Exports

• Actual: 49.7B
• Previous: 49.5B

Current Account

• Actual: -0.60B
• Previous: 0.00B

ECB’s Centeno: Inflation in the Euro Area converged towards goal

• Remarks by the Bank of Portugal governor Mario Centeno

• Inflation in the Euro Area converged towards goal.
• Easing cycle will be faster than thought in June.
• The process of lowering rates in ongoing.

ECB’s Vasle says a rate cut in October is an option

• Comments from ECB’s Vasle

• Inflation risks are abating but there is still some uncertainty.
• An October cut doesn’t necessarily mean another in December.
• An interest-rate cut in October is an option.

ECB’s Kazaks: Data points to October rate cut

• Latvia’s central bank governor Martins Kazaks speaking

• Data points to October interest rate cut.
• Rates will fall and that will support the economy.
• Inflation is not fully defeated, especially services inflation.

ECB Elderson Warns of Materialising Risks to Economic Growth Ahead of Key October Meeting

• ECB’s Elderson raises concerns about economic slowdown, decisions on hold until October 17th meeting.

ECB’s Frank Elderson highlighted growing concerns about weakening economic growth, suggesting that several indicators are pointing to risks becoming a reality.

With the European Central Bank remaining open-minded ahead of the October 17th meeting, Elderson emphasized that policy decisions are being made on a meeting-by-meeting basis.

This cautious approach reflects the ECB’s need to balance growth concerns with inflation management.

ECB Cipollone sees deterioration of EU PMI, slower growth, along with faster disinflation

• The European Central Bank released remarks from Executive Board member Piero Cipollone on Monday

In summary, Cipollone’s comments point to a rate cut at the Bank’s October 17 meeting, a result widely expected in markets:

• “We could get a growth that is a little bit slower than what we were thinking,”
• “And also numbers we are seeing, the first numbers from inflation seem to be pointing to the fact that inflation is decelerating faster, faster than we expected.”
• “We have seen a deterioration of the PMI, so the signals coming from the real side of the economy are a little bit weak,”

Asia-Pacific-World News

Chinese equities remains close to session lows

• Following punchy sell off after an uninspiring NDRC presser

Chinese equities have seen better Mondays.

The CN50 was down close to 14% a bit earlier in the session, after the NDRC presser left markets feeling uninspired. Many were looking for the presser to include a new batch of additional stimulus measures.

China’s Premier Li vows stronger policy coordination with timely implementation

• China’s State Council held special study session on economic policies on Tuesday – info via State media.
• Comments from China’s Premier Li:

• Will strengthen policy coordination
• Policy implementation should reflect good timing, strength, and pace
• All sides should actively roll out policy measures to stabilise growth

China’s Economic Planner Confident in Achieving 2024 Goals Despite Complex Challenges

• China’s economic planner is confident in meeting 2024 targets despite global trade volatility and internal pressures, leveraging fiscal stimulus and strategic funds allocation.

China’s top economic planner expressed confidence in meeting its 2024 economic and social development targets, supported by accelerated fiscal spending and the early release of funds from the 2025 budget.

While stimulus measures initially boosted market sentiment, challenges persist due to global trade volatility, rising protectionism, and internal economic pressures, particularly in the property sector.

Additional policy support is expected to sustain optimism, but a full recovery, especially in housing, may take time as economic momentum slowed after the second quarter.

PBOC sets USD/ CNY reference rate for today at 7.0709 (vs. estimate at 7.0794)

• China is back from the long holiday today

In open market operations:

PBOC injects 41.7bn yuan via 7-day RR, sets rate at 1.5%

China holiday trips +4.1% y/y

• Details in the post

Global Times with the info:

• China’s total cross-regional flow of people during the weeklong National Day holidays from October 1 to 7 is estimated to be about 2.008 billion trips, with an average daily year-on-year growth of 4.1%, preliminary statistics from the Ministry of Transport show on Tuesday.

Australian October Consumer confidence +6.2% to 89.8

• Westpac-Melbourne Institute index of consumer sentiment

Westpac-Melbourne Institute index of consumer sentiment for October 2024, up 6.2% m/m from September, to 89.

• 2.5 year high

Australian September business confidence -2 (prior -5)

• National Australia Bank business survey September 2024

National Australia Bank business survey September 2024

Business confidence -2

• prior -5

Business conditions +7

• prior +4

NAB commentary:

• “Some of last month’s fall in confidence was reversed in September but confidence remains well below average,”
• “Interestingly, as we think we are passing through the weakest point in economic growth for this cycle, business conditions have broadly tracked around average through mid-2024.”

Conditions sub-measure employment +5 after +1 in August

Labour costs slightly eased to +1.7 from +1.8 in August

Purchase costs fell to +1.2 from +1.6

RBA’s Hauser says Bank must remain strong in fight against inflation

• Reserve Bank of Australia Deputy Governor Andrew Hauser

Reserve Bank of Australia Deputy Governor Andrew Hauser not adding a lot what the minutes said earlier, no sign of an imminent rate cut from the RBA:

• when inflation stops being high and sticky the Bank will act
• US inflation nearing target, Australia’s lagging
• expects core will hit target, but inflation is persistent
• lowering inflation is a significant task and we are not completed yet

RBA minutes: Board discussed scenarios for both lowering and raising interest rates

• Reserve Bank of Australia September meeting minutes

• Board discussed scenarios for lowering and raising interest rates in the future.
• Board members felt not enough had changed from previous meetings, and that the current cash rate best balanced risks to inflation and the labor market.
• Future financial conditions might need to be tighter or looser than at present to achieve the Board’s objectives.
• Scenarios for lowering, holding, and raising rates are all conceivable given the considerable uncertainty about the economic outlook.
• Policy could be held restrictive if consumption growth picks up materially.
• Policy could be tightened if present financial conditions are insufficiently restrictive to return inflation to target.
• Policy could be eased if the economy proves significantly weaker than expected.
• It is not necessary for the cash rate to evolve in line with policy rates in other economies.
• The Board remained vigilant to upside risks to inflation.
• Underlying inflation is still too high.
• Risks around the outlook for Australia’s exports had shifted to the downside since the previous meeting.
• Many households are still experiencing financial pressure, but only a small share of households and firms are unable to service loans.
• Policy will need to remain restrictive until Board members are confident inflation is moving sustainably towards the target range.
• It is not possible to rule in or out future changes in the cash rate target at this time.
• The Board discussed a staff review of the Term Funding Facility, and the TFF should remain an option for unconventional monetary policy.

Japan data – Household spending +2.0% m/m (expected +0.5%)

• Better spending data from Japan for August

Japan data – Household spending for August 2024

+2.0% m/m

• expected +0.5%, prior -1.7%

-1.9% y/y

• expected -2.6%, prior +0.1%

Japan labor cash earnings +3.0% y/y in August (expected +3.1%)

• Wages data Japan

Wages data Japan for August 2024.

Total cash earnings +3.0% y/y

• expected +3.1%, prior +3.6%

Inflation adjusted real wages -0.6% y/y, falling after 2 months of gains due to bonuses

Overtime pay +2.6% y/y

Japan economy minister Akazawa says drop in real wages is not good news

• Japan economy minister Akazawa:
• Decrease in real wages for first time in three months is not a good news
• Govt will create environment where real wages continue to rise
• Japan making steadily progress toward achieving a cycle of rising wages and prices.
• Japan on cusp of shifting to economy where prices rise accompanied by wage hikes, but not quite there yet.
• Specific monetary policy up to BOJ to decide.
• Confirmed with BOJ Governor Ueda that Govt, BOJ will work closely on view ending deflation is top priority.
• We trust BOJ’s decision on adjusting degree of monetary support in accordance to economy, price developments.
• BOJ Ueda told us they will adjust degree of monetary support if economy moves in line with forecast, but that they can afford to spend time making that decision.

Cryptocurrency News

Crypto Today: Bitcoin, Ethereum, XRP Decline Amid Satoshi Nakamoto Speculation

Bitcoin (BTC) trades near $62,300, down after a correction despite $235.2 million inflows into BTC ETFs.
Ethereum (ETH) approaches a critical support level near $2,400 with zero ETF inflows.
Ripple’s XRP declines over 3%, trading below $0.530 after being rejected at resistance.

Market Overview:
Bitcoin continues its downward trend, trading around $62,300 following a drop in the past 24 hours. ETF inflows for Bitcoin totaled $235.2 million, indicating rising institutional interest. If the key support level at $62,125 holds, BTC could rally toward the $66,000 psychological mark.

Ethereum is hovering near the $2,400 support level, with no movement in ETH ETF flows. A break below this level may lead ETH to test the $2,200 mark.

XRP faces resistance, declining more than 3% and trading below $0.530. Ripple’s XRP struggles to maintain momentum after Monday’s rejection at a key level.

Meme Coins Plummet:
Tuesday saw significant losses in meme coins, with four prominent tokens ranking among the biggest losers in the top 100 cryptos.

Regulatory Developments:
The SEC issued a Wells notice to Crypto.com, signaling potential legal action for violating securities laws. In response, Crypto.com filed a lawsuit against the SEC, accusing the agency of exceeding its jurisdiction by deeming nearly all crypto transactions as securities.

Meanwhile, the US Bankruptcy Court for Delaware has approved FTX’s plan to repay creditors, with $14.7 billion to $16.5 billion set for distribution. Some analysts see this as a potential Q4 market boost, though others caution against expecting a quick inflow of funds back into crypto markets.

Industry Focus:
Excitement builds around HBO’s upcoming documentary “Money Electric: The Bitcoin Mystery,” which aims to uncover the true identity of Satoshi Nakamoto, Bitcoin’s enigmatic creator. Speculation over the identity includes names like Nick Szabo, Adam Back, Len Sassaman, and David Kleiman. Polymarket prediction platforms and meme coin speculation are emerging as investors prepare for the revelation.

Crypto.com Sues SEC Following Wells Notice Amid Regulatory Dispute

Crypto.com has filed a lawsuit against the Securities & Exchange Commission (SEC) in response to receiving a Wells notice accusing the exchange of illegal securities sales.
The company alleges the SEC has expanded its regulatory jurisdiction beyond statutory limits, arguing that nearly all crypto assets have been wrongly classified as securities under the SEC’s framework.

CRO, Crypto.com’s native token, fell nearly 6% following the announcement, extending its weekly loss to over 8%.

Regulatory Battle
In its blog post, Crypto.com declared its legal action against the SEC unprecedented but necessary to “protect the future of the crypto industry in the US.” The exchange accused the SEC of applying inconsistent rules, excluding assets like Bitcoin and Ethereum from securities regulations while applying them to other crypto assets sold in a similar manner.

Crypto.com has also petitioned both the Commodities & Futures Trading Commission (CFTC) and the SEC for clarity on which regulatory body oversees crypto derivatives. The petition aims to establish that certain derivatives are regulated solely by the CFTC, using tools under the Dodd-Frank Act to bring regulatory certainty to the industry.

The lawsuit marks another major conflict between the SEC and leading crypto firms, following ongoing cases involving Coinbase, Binance, Ripple, Uniswap Labs, Robinhood, and Consensys.

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