Today in crypto, crypto executive Jeff Park voiced support for the CFTC taking the lead on crypto regulation, Tether expanded its commodities lending strategy, with $1.5 billion already deployed to traders. US spot Bitcoin ETFs recorded $866 million in outflows, sending BTC to a six-month low.
Crypto oversight by CFTC over SEC is ‘directionally correct’ — Jeff Park
Despite some complexities around the recently proposed crypto market structure bill, a clearer picture is starting to form regarding crypto market oversight, according to ProCap BTC chief investment officer Jeff Park.
“The CFTC will own a larger domain over crypto than the SEC,” Park said during an interview with crypto entrepreneur Anthony Pompliano published on YouTube on Friday, while emphasizing that there is still “lots of complexity with different stakeholders.”
“I think that is directionally correct in my opinion,” he said. “The CFTC is in the business of financial innovation at large, and it is in the business of managing capital efficiency, and leverage and derivatives products,” he said, explaining that aligns with what the crypto industry is building, a new settlement layer that brings capital efficiency at different speeds.
Park also said that treating crypto as a commodity is consistent with the international nature of the market.
Tether to accelerate push into commodity lending with cash, USDt credit
Stablecoin issuer Tether is expanding its presence in commodity lending, with billions of dollars already deployed in the sector, according to CEO Paolo Ardoino.
In an interview with Bloomberg, Ardoino said Tether has extended about $1.5 billion in credit to commodities traders so far, providing financing in both cash and its USDt (USDT) stablecoin.
The company is targeting traditional commodity trades, including agricultural products and oil, and plans to increase its exposure. “We are going to expand dramatically,” Ardoino said.
The lending activity falls within Tether’s recently launched Trade Finance unit — a business line that typically focuses on short-term credit used to facilitate the movement of goods across global supply chains. In the commodities world, trade finance typically provides the funding traders need to purchase, transport and deliver cargoes.
Bloomberg reported that some companies may be hesitant to borrow in USDt rather than dollars, though that reluctance might be outweighed by Tether’s growing financial clout. With nearly $184 billion worth of USDt in circulation, Tether is now among the most profitable companies in the world on a per-employee basis.
Tether’s push into commodities builds on its existing footprint in the sector. Its tokenized gold product, Tether Gold, has surged in size during the bullion’s rally, and Ardoino recently said the company holds more than 100 tons of physical gold.
Bitcoin ETFs bleed $866 million in second-worst day on record, but some analysts still bullish
Demand for Bitcoin and crypto-linked investment funds continued to decline Thursday, despite the long-awaited end of the 43-day US government shutdown.
US spot Bitcoin (BTC) ETFs saw $866 million in net outflows on Thursday, marking their second-worst day on record after the $1.14 billion daily outflows on Feb. 25, 2025, according to Farside Investors.
This marked the second consecutive day of outflows for the Bitcoin ETFs, as the end of the 43-day US government shutdown failed to reignite investor appetite.
The $866 million outflows occurred a day after President Donald Trump signed a government funding bill on Wednesday. The bill provides funding until Jan. 30, 2026.
The lack of ETF demand is causing significant concerns among crypto investors, as these funds were the primary drivers of Bitcoin’s momentum in 2025, alongside Michael Saylor’s Strategy.
However, Bitcoin’s bull market is still intact until the price falls below the key $94,000 level, or the average cost basis of investors who bought Bitcoin in the past six to 12 months, according to Ki Young Ju, founder and CEO of crypto intelligence platform CryptoQuant.
“Personally, I do not think the bear cycle is confirmed unless we lose that level. I would rather wait than jump to conclusions,” wrote Ju in a Friday X post.