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Add Decrypt as your preferred source to see more of our stories on Google. In brief The SEC approved Cboe's request on October 2 to list six 3x funds from Volatility Shares tracking Bitcoin, …

Add Decrypt as your preferred source to see more of our stories on Google. In brief The SEC approved Cboe's request on October 2 to list six 3x funds from Volatility Shares tracking Bitcoin, Ethereum, gold, silver, crude oil and natural gas. Each fund targets three times the daily performance of futures contracts on its asset, and the order sets no launch date. The approval follows SEC warning letters on leverage above 2x in December 2025 and a March 2026 request to avoid 5x products. The SEC approved a rule change on October 2 that lets the Cboe exchange list six funds built to deliver three times the daily price moves of Bitcoin, Ethereum, gold, silver, crude oil, and natural gas, per the agency's order. The funds come from Volatility Shares, the firm behind existing 2x Bitcoin and Ethereum products. Shares will trade on Cboe's BZX Exchange like a regular stock. An ETF, or exchange-traded fund, is a basket of assets you buy and sell through a brokerage app like a share. A leveraged one uses debt and other financial tools to amplify returns, and losses. These funds aim for triple. If Bitcoin futures rise 2% in a day, the fund aims to gain 6%. If they fall 2%, it aims to lose 6%. The funds mainly get that exposure through futures, which are contracts to buy or sell an asset at a set price on a later date. But there’s a catch in the word "daily." These funds reset every day, so the 3x promise applies to one day at a time. Over longer stretches, results can drift far from three times the asset's move. So, for example Bitcoin futures drop 10% on Monday, then rise 10% on Tuesday. The asset ends down 1%, while a 3x fund falls 30%, gains 30% and ends down 9%. If you have $100 worth of Bitcoin, a 30% drop takes off 30% of $100, which is $30, leaving you with $70 net. A 30% gain adds 30% of $70, which is $21. You're at $91, overall 9% down after the movement. Bitcoin BTC · USD $85,780 + 2.56 % 24H 7D 1M 1Y YTD Sep 29 Oct 1 Oct 3 Oct 5 Oct 6 $86.8k $85.6k $84.3k $83.0k 24h High High $86,648 24h Low Low $85,122 Vol Vol $1.1B Market projections Odds by Myriad This week Below $86,000 Below $86k 54 % chance → Buy Bitcoin with USDT Powered by Jupiter $ 50 $ 100 $ 500 Buy Price data by CoinGecko CoinGecko More Bitcoin news and projections → The SEC and FINRA have warned investors about exactly this. Their alert says returns over more than a day can differ significantly from the daily target. Why the SEC had to vote Cboe's fast-track listing rules for commodity funds exclude products that chase a multiple of an asset's return, so the exchange needed the SEC to approve these funds individually. Apart from the 3x target, the funds must meet all of Cboe's other listing requirements. The SEC leaned on existing guardrails. Brokers must act in a retail customer's best interest under Regulation Best Interest, and FINRA, the brokerage industry's self-regulator, requires tougher sales and margin (borrowing) rules for leveraged products. Volatility Shares launched the first leveraged crypto ETF in the U.S. in 2023, tracking Bitcoin futures. Spot Bitcoin ETFs, which hold the coins directly, arrived in January 2024 after a decade of rejections. Then the race for more leverage began. In October 2025, Defiance filed for 49 funds with 3x long and short exposure, and Volatility Shares filed for 5x products. The SEC pushed back. In December 2025 it halted review of products above 2x exposure and sent warning letters to nine issuers, including ProShares. In March 2026, it asked issuers to avoid 5x products. Volatility Shares kept shipping 2x funds anyway. In April 2026 it launched 2x funds on Cardano, Stellar, and Chainlink, adding to existing 2x products on Bitcoin, Ethereum, Solana, and XRP. These aren't the first 3x products. Earlier ones tied to silver, crude oil and natural gas, from other issuers, have since left the market, per the order. A 3x gold product from another issuer still trades. The order sets no launch date. According to Cboe's filing, the shares can't trade until each fund's registration statement takes effect.

Two U.S. Senators are opposing OppFi’s attempt to acquire a national bank. By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, …

Two U.S. Senators are opposing OppFi’s attempt to acquire a national bank. By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions . Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. Democrats Chris Van Hollen of Maryland and Elizabeth Warren of Massachusetts wrote to the company last week to voice their opposition, arguing that OppFi’s business model is based on “predatory lending practices,” such as triple-digit interest rates. “OppFi—a nonbank lender that provides financial services to consumers through installment loans—brands itself as a lender that ‘empower(s) everyday consumers to overcome financial hurdles and build long-term financial stability,’” the senators’ letter said. “But, a closer look into its business model reveals persistent, predatory financial strategies.” The letter noted that OppFi’s effort to acquire BNCCORP and its subsidiary to become a bank holding company comes months after lender Enova attempted to do the same thing with Grasshopper National Bank. Enova has since called off that deal, saying last month that the acquisition process is “susceptible to political pressure and outside advocacy.” OppFi’s products, Warren and Van Hollen argued, have “the potential to be even more harmful than Enova’s,” saying that OppFi lends up to 195% APR and has “very aggressive refinancing practices.” By contrast, Envoa had proposed loans that were “limited to a still-egregious 99.99% APR,” the letter said. We’d love to be your preferred source for news. Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks! Add as Preferred Source The senators added that, given these practice and rising opposition to the application, OppFi should withdraw its application. A spokesperson disputed the senators’ characterization of OppFi’s lending business in a statement to Banking Dive, saying that attacking the application harms consumers. “Transitioning into the regulated banking system will subject OppFi’s already proven and fully compliant business model to rigorous federal oversight – reinforcing OppFi’s commitment to fair and responsible lending for those who need it most,” the spokesperson said. Both the Enova and OppFi deals have been challenged by a group of 20 state attorneys general (AGs), who asked federal banking regulators in June to deny banking privileges to companies they argue use bank partnerships to skirt state-level limits on interest rates. “The rate issue carries considerable economic weight,” PYMNTS wrote at the time. “According to the AGs, 45 states and Washington, D.C., impose interest-rate caps on small to midsize installment loans, with 36% a widely accepted maximum for very small loans.” The states say that OppFi and Enova “work with banks chartered primarily in states without rate caps and offer loans carrying rates reaching 195% and higher,” that report added. OppFi has said BNC had about $1 billion in deposits at the end of last year carrying a cost of less than 2%. It projects at least $60 million of synergies in the first year after closing, more than $90 million in the second and upwards of $115 million in the third. “Crucially for the rate-cap dispute, OppFi says those estimates are based on ‘geographic expansion’ and ‘funding optimization,’“ the report added, with the company expecting adjusted EPS accretion above 25% in 2027 and 40% in 2028.

The list traces back to a joint SEC and CFTC interpretive release that sorted 16 major tokens out of securities territory The Commodity Futures Trading Commission’s chairman has named Bitcoin, Ether, Solana, Stellar, Tezos, …

The list traces back to a joint SEC and CFTC interpretive release that sorted 16 major tokens out of securities territory The Commodity Futures Trading Commission’s chairman has named Bitcoin, Ether, Solana, Stellar, Tezos, and XRP as digital commodities. For an industry that spent years arguing over what its biggest tokens actually are, that is a short sentence with a long backstory. The classification places these assets on the commodity side of the US regulatory divide. That side is supervised by the CFTC, not the Securities and Exchange Commission. Where the list comes from The tokens are part of a broader group identified in a joint interpretive release from the SEC and CFTC, unveiled on March 17, 2026. That guidance labeled 16 major digital assets as “digital commodities,” which effectively moved them out of the securities classification. SEC Chairman Paul Atkins and CFTC Chairman Michael S. Selig presented the guidance together at the DC Blockchain Summit. The release did more than name names. It organized digital assets into five categories: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. Advertisement Only the last of those buckets is typically treated as a security under US law, according to the guidance. The interpretive release also addressed activities such as mining and staking. It did this through interpretive rules rather than new legislation, which means the agencies clarified how they read existing law instead of waiting for Congress to write a new one. The news moving money, markets, and the world—before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. The XRP chapter finally closes Of the names on the list, XRP probably carries the most baggage. Ripple spent years in litigation with the SEC over whether its token sales amounted to securities offerings. That fight wound down when all appeals were dropped in August 2025. The commodity classification followed the resolution, with regulators concluding that XRP’s programmatic sales do not constitute securities transactions. Commodity status is not a free pass Being a digital commodity does not mean being unregulated. These assets remain under the CFTC’s anti-fraud and anti-manipulation jurisdiction in spot markets. The guidance also notes that regulators keep their authority to pursue fraudulent activity across the digital asset space. The CFTC is also looking past classification toward trading rules. On October 5, 2026, Selig announced the agency’s intention to advance new regulations covering leveraged retail trading of digital assets. Those proposals might establish new frameworks under what have been described as Regulation CTX and Regulation CAM. Why regulators are filling the gap The agencies are moving partly because Congress has not. Legislative efforts such as the CLARITY Act, which aimed to set out a full market structure framework for crypto, have stalled. The limits are real. Comprehensive market structure rules still require congressional action, and guidance issued by one set of agency heads can be revisited by the next.

Strategy (formerly MicroStrategy) made its smallest positive Bitcoin purchase of 2026 even as a 43% quarterly rally in the cryptocurrency helped generate a $20.9 billion gain on its digital-asset holdings. In an Oct. 5 …

Strategy (formerly MicroStrategy) made its smallest positive Bitcoin purchase of 2026 even as a 43% quarterly rally in the cryptocurrency helped generate a $20.9 billion gain on its digital-asset holdings. In an Oct. 5 filing with the US Securities and Exchan… Strategy (formerly MicroStrategy) made its smallest positive Bitcoin purchase of 2026 even as a 43% quarterly rally in the cryptocurrency helped generate a $20.9 billion gain on its digital-asset hol…

The Fundstrat strategist pointed to the strength of tech stocks and crypto as signs that markets are already anticipating easier financial conditions. The US stock market could face a correction from mid-October through the …

The Fundstrat strategist pointed to the strength of tech stocks and crypto as signs that markets are already anticipating easier financial conditions. The US stock market could face a correction from mid-October through the midterm elections, but crypto and technology stocks may benefit afterwards if Democrats become more supportive of the CLARITY Act and data-center projects, Fundstrat’s Tom Lee said in an interview with CNBC. The strategist said crypto and AI stocks have stalled ahead of the midterms partly because of concerns that Democrats do not support the bill or the expansion of data centers. Lee argued that those concerns were misplaced. Advertisement “Our contrarian take is that after midterms, the Democrats are going to start supporting data centers and CLARITY Act because, one, data centers are generally providing a lot of economic benefits to the community. And CLARITY Act had many Democratic supporters,” he said. “I think the AI stocks are going to benefit post-midterms because the change in Congress is actually going to sort of greenlight some projects.” Lee also expects the macroeconomic backdrop to become more supportive for risk assets. The latest jobs report has weakened the case for the maximum-hawkish Fed scenario that markets had been pricing in, which included three potential rate hikes and a 75% probability of an October increase, he said. With one-off inflation factors expected to roll off, Lee sees softer inflation readings over the next six months. The crypto and markets news you actually need—every morning. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. “That allows not only the Fed to kind of walk back from its hawkishness, but I think it’s going to allow bond yields to actually sort of normalize,” Lee noted. “Anything under 5% would be interpreted by markets as really positive for risk on… I think there’s a good chance in the next six months we’re going to see yields below 5%,” he explained. Lee expects the S&P 500 to rise as much as 9% by year-end, potentially reaching 8,200 to 8,400. He said earnings growth is accelerating, with third-quarter earnings potentially approaching 30% and 2027 earnings estimates up more than 20% from the start of the year.

The Solana-based token is redeemable 1:1 for shares of the iShares MSCI Brazil ETF, giving crypto-native investors access as Brazilian markets rally. Backpack Securities has launched a tokenized version of the iShares MSCI Brazil …

The Solana-based token is redeemable 1:1 for shares of the iShares MSCI Brazil ETF, giving crypto-native investors access as Brazilian markets rally. Backpack Securities has launched a tokenized version of the iShares MSCI Brazil ETF on Solana through Sunrise, bringing one of the main vehicles for trading Brazilian equities onto crypto rails as investors react sharply to Brazil’s first-round election result. Issued by Backpack Securities, $EWZ is now listed on @Solana with @Sunrise. ▸ Redeemable 1:1 for iShares MSCI Brazil ETF shares ▸ Transferable to traditional brokerages The iShares MSCI Brazil ETF seeks to track an index composed of Brazilian equities. pic.twitter.com/PV5ZPPAB6R — Backpack Onchain (@BackpackOnchain) October 5, 2026 The tokenized EWZ is redeemable 1:1 for traditional shares of the ETF through Backpack Securities. The launch comes as EWZ jumped roughly 13% Monday following a surprise result in Brazil’s first-round presidential vote. Advertisement Sen. Flávio Bolsonaro finished first with about 47% of the vote, ahead of President Luiz Inácio Lula da Silva at roughly 45%, setting up an Oct. 25 runoff. Brazilian markets rallied sharply on the result, with the Bovespa, Brazil’s benchmark stock index, gaining more than 8% and the real strengthening more than 4% as investors increased bets on a more market-friendly fiscal agenda. The crypto and markets news you actually need—every morning. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. The timing shows one advantage of tokenized assets: when events like elections or earnings suddenly increase demand for a specific market, investors can get exposure through crypto platforms without relying only on traditional brokerage hours. That is the gap Backpack is trying to address. The company launched Backpack Securities earlier this year with Sunrise as its tokenization partner, allowing traditional securities to be converted into Solana-based tokens and later redeemed back into corresponding security entitlements. Tokenized equities and ETFs have been growing quickly as more traditional assets move onto blockchain rails. DefiLlama reported in August that the market capitalization of tokenized equities had grown ninefold over the previous year to more than $3.7 billion. Its latest dashboard tracks about $2.7 billion in onchain public equities, with roughly $196 million actively deployed across DeFi.

CryptoQuant data shows the miner revenue gauge back above its key threshold, with analysts eyeing 2.00 as the next benchmark Bitcoin miners finally have something to smile about. The Puell Multiple, a closely watched …

CryptoQuant data shows the miner revenue gauge back above its key threshold, with analysts eyeing 2.00 as the next benchmark Bitcoin miners finally have something to smile about. The Puell Multiple, a closely watched gauge of miner revenue, has pushed back above 1.00, according to CryptoQuant. The 7-day moving average of the metric crossed that line around October 4, 2026. That reading marks an 11-month high, and CryptoQuant framed it as a possible reversal that could carry the metric toward 2.00. The numbers behind the move CryptoQuant first flagged the crossover on October 4, 2026. Data from October 4 and 5 put the Puell Multiple at approximately 1.07. That figure sits just under a recent peak. The metric touched 1.08 on September 22, 2026, then settled at 1.05 by the end of that month before edging back up. The path to get here was not pretty. The Puell Multiple opened 2026 at 0.86 and kept sliding. It bottomed at 0.64 on February 24, a level associated with real strain on mining operations. Advertisement The metric had stayed below 1.00 since approximately November 2025. Research findings describe this as the first move above the threshold in nearly ten months, which caps off a long stretch that analysts characterize as an accumulation phase. A metric built for miners The Puell Multiple was created by analyst David Puell in 2019. It has since become one of the more widely used tools for tracking miner profitability. The news moving money, markets, and the world—before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. The formula is simple. Take the daily US dollar value of newly issued Bitcoin, then divide it by the 365-day average of that same value. Historically, readings well below 1.0 have lined up with miner capitulation and market lows. Sustained readings above 1.00, by contrast, have been linked to recovery and uptrends, with 2.00 viewed as a primary benchmark for the next leg. What this means for the market A Puell Multiple above 1.00 suggests daily revenue from issuance is now running ahead of its trailing yearly average. That gives operators more breathing room on costs and less pressure to sell holdings just to keep the lights on. CryptoQuant’s read is that the market may be transitioning out of a discount phase. If the metric holds above 1.00 and trends toward 2.00, that could support the case for a new bullish phase. A few caveats deserve attention. First, the margin is slim. A reading of approximately 1.07 is barely above the threshold, and the metric already slipped from 1.08 to 1.05 within a matter of days in late September. One rough week for prices could push it back under. Second, the signal is about sustainability rather than a single crossover. Historically, it is persistent readings above 1.00 that have been associated with recoveries. For those tracking the trend, the milestones are clear. The first is whether the 7-day average can stay above 1.00 through October and beyond. The second is whether it can clear the September 22 peak of 1.08 with any conviction. The longer-term marker is 2.00, the level CryptoQuant identified as the initial target if the reversal holds. The metric started 2026 at 0.86, sank to 0.64 by late February, and has spent the months since grinding higher. For now, the data says miners are earning more than their recent average for the first time in roughly eleven months.

CFTC Chair Michael Selig claimed that the agency was using its “existing statutory authorities“ to address crypto regulation after Congress failed to advance a market structure bill. US Commodity Futures Trading Commission (CFTC) Chair …

CFTC Chair Michael Selig claimed that the agency was using its “existing statutory authorities“ to address crypto regulation after Congress failed to advance a market structure bill. US Commodity Futures Trading Commission (CFTC) Chair Michael Selig said that the agency will move forward on crypto regulation at the direction of President Donald Trump “with or without legislation” from Congress. Speaking at the Fordham Law Blockchain Regulatory Symposium on Monday, Selig announced proposals giving crypto companies the option to operate under the CFTC’s umbrella rather than dealing with the patchwork of regulations offered by individual US states. According to written remarks from the event, the CFTC chair said that it had issued an advanced notice of proposed rulemarking for companies “offering retail customers the ability to trade crypto assets on a margined, leveraged, or financed basis,” calling the regulation ‘CTX.’ Selig said that the agency planned to establish a new category of designated contract market (DCM) called a “crypto asset market,” or CAM, giving certain exchanges the option to register as either. “These rules would codify a pathway for crypto asset exchanges to operate under uniform national oversight by the CFTC pursuant to the same statutory authorities that the prior administration instead utilized to regulate by enforcement,” said Selig. CFTC Chair Michael Selig on Monday. Source: Fordham Law Blockchain Regulatory Symposium The proposed rules would not extend to what the chair called “ordinary spot crypto exchanges” that are “generally regulated under state money transmission laws.” For companies offering spot trading on crypto assets like Bitcoin (BTC), the CFTC would still have the authority to enforce anti-fraud and anti-manipulation regulations. Selig’s proposed regulatory framework for crypto companies came a few weeks after lawmakers in the US Senate failed to approve passage of the Digital Asset Market Clarity (CLARITY) Act, a bill that had been expected to give the CFTC more authority in overseeing and enforcing crypto regulations. The Securities and Exchange Commission already announced its own version of a proposed “tailored securities offering regime” for crypto assets in August before the failed CLARITY vote, setting the expectation that both agencies would move forward with regulation without legislation codifying such rules from Congress. Selig said that Trump promised to deliver a crypto asset regulatory market structure with or without legislation, and the regulators will help him deliver it using existing statutory authorities. “The opponents to CLARITY may have not bargained for the seeming readiness of the executive branch to act in the absence of any constraint from the legislative branch,” said ProChain Capital’s David Tawil, in a post on Monday. Both regulators still understaffed as they advance crypto proposals Friday was SEC Commissioner Hester Peirce’s last day at the agency, wrapping up eight years of service, just ahead of the 18-month extension for her second term. Her planned departure leaves just two commissioners leading the SEC and Selig heading the CFTC as its sole commissioner and chair. A White House official told Cointelegraph last week that Trump intended to nominate commissioners to both agencies “in the near future.” As of Monday, the administration had not announced any replacements for Peirce or the other six commissioner seats. Magazine: Former SEC boss made AI Czar, Bitcoin may hit $600K this cycle: Hodler’s Digest

BofA strategists say the easy money in AI investing is drying up as hyperscaler spending climbs and fund managers worry about credit risk The AI trade made plenty of investors look brilliant. Bank of …

BofA strategists say the easy money in AI investing is drying up as hyperscaler spending climbs and fund managers worry about credit risk The AI trade made plenty of investors look brilliant. Bank of America strategists think the effortless part of that story is ending. BofA’s strategists say investors will have a harder time pulling easy gains out of AI-related investments. The warning comes as the biggest spenders on AI infrastructure keep writing larger checks while the market grows less certain those checks will pay off. The numbers behind the caution Start with the spending. BofA projected US hyperscaler capital expenditure at around $795 billion in 2026 and nearly $1.08 trillion in 2027. Hyperscalers are the giant cloud operators, names like Microsoft, Alphabet and Amazon. Capex is the money they pour into physical infrastructure, the data centers and hardware that AI models need to run. The stock market has not been cheering. By June 2026, US hyperscalers were trailing the S&P 500 by nearly 15% year-to-date. Advertisement BofA read that underperformance as a sign of doubt about whether the expected returns on all that investment will materialize. A BofA equity strategy note from that same month warned that the AI-driven stock rally might be losing momentum. The note also pointed out that corporates are rationing their AI usage and shifting toward cheaper models. That detail carries more weight than it first appears. If paying customers are trading down, the landscape is more competitive than many expected, and premium pricing becomes harder to defend. AI, tech, and the markets they move—in one daily briefing. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. Fund managers are getting nervous The unease extends well beyond one strategy desk. In BofA’s August 2026 Global Fund Manager Survey, 38% of respondents identified AI hyperscaler capital spending as a likely source of systemic credit risk. By September, AI spending was taking up 80% of discussion time in BofA’s client meetings. Those conversations featured analogies to historical tech booms, a comparison that rarely gets made when everyone feels relaxed. The financing side adds another layer. Hyperscalers are funding their spending through debt, reportedly reaching a capex-to-free-cash-flow ratio of approximately 94%. That ratio compares what a company spends on building with the spare cash its operations generate. At approximately 94%, there is very little daylight between the two, which leaves a thin cushion if returns arrive later or smaller than planned. What this means for investors The nearly 15% year-to-date underperformance by June 2026 shows that recalibration may already be underway. Investors appear less willing to reward spending on its own and more interested in evidence that it produces revenue and margins. The credit angle deserves close attention. With hyperscalers leaning on debt and the 38% survey reading flagging systemic credit risk, any stumble in AI monetization could matter to bond investors and lenders, not just shareholders. For investors, a few signals stand out over the coming quarters. Watch whether corporate customers keep rationing AI usage, whether pricing resistance deepens, and whether hyperscaler capex guidance continues to climb toward the roughly trillion-dollar levels BofA has modeled.

Emmanuel Moulin says France can still reassure bond investors despite ‘serious and worrying’ market moves in recent days Emmanuel Moulin says France can still reassure bond investors despite serious and worrying market moves in …

Emmanuel Moulin says France can still reassure bond investors despite ‘serious and worrying’ market moves in recent days Emmanuel Moulin says France can still reassure bond investors despite serious and worrying market moves in recent days This story appeared on ft.com, 2026-10-05 16:56:54.