A few things in the crypto space are worth mentioning from last night to this morning.

First, the big news on the regulatory front—the acting chairman of the CFTC suddenly announced that spot crypto assets can now be traded directly on exchanges registered with them. What does this mean? The U.S. regulatory framework is finally starting to formally embrace cryptocurrencies, no longer just treating them as futures derivatives. This is quite a significant step.

Robinhood is moving fast as well, directly launching AERO trading. They've been aggressively expanding their product line recently—it looks like they're determined to grab a share of the crypto asset market.

On the technology and ecosystem side, Base, the Layer-2 network incubated by Coinbase, made big news by launching a Solana asset bridge. Now the Ethereum and Solana ecosystems are finally connected through Base, marking another step forward for cross-chain activity. Meanwhile, Polymarket is actively recruiting to build its own market-making team, clearly aiming to boost liquidity and market depth.

On the macroeconomic front, the news is less optimistic. U.S. federal debt has once again broken through the $30 trillion mark—double what it was in 2018. The mounting debt pressure will have a chain reaction on the U.S. dollar exchange rate, interest rate trends, and risk asset pricing.

Still, the market seems to have some optimistic expectations—over the next few years, the federal funds rate may drop to the 3.25%-3.50% range. Former White House economic adviser Kevin Hassett even said the Fed might cut rates by 25 basis points at its next meeting. If that happens, it would provide solid liquidity support for the crypto market and other high-risk assets.