The national banks regulator OCC released a statement signaling a shift in rules that will have significant crypto market consequences across the United States.
Crypto continues to lose ground ahead of this week's record options expiration, while defensive positioning and thinning liquidity suggest caution into 2026.
Behind the move is a sharp narrowing in the profitability of the basis trade, in which traders attempt to capture a spread by buying spot bitcoin while selling BTC futures.