The CFTC approved KalshiEX's BTCPERP Contract on May 29, making it the first regulated Bitcoin perpetual futures product in US history. Kalshi submitted the contract for review on May 28 under Commission Regulation 40.3. The CFTC turned it around in one day.

A perpetual futures contract references the spot price of Bitcoin without an expiration date. That structure has existed offshore for years and has been a primary mechanism for leveraged Bitcoin exposure in unregulated markets. It is now available inside a regulated US venue.

The UK announced new sanctions targeting crypto and illicit finance networks it says Russia has used to route around dollar and sterling-denominated systems. The action puts a number on it: roughly $90 billion in crypto assets tied to Russian sanctions evasion.

Two weeks ago the US targeted Iran's $7.7 billion Bitcoin network. Now the UK has put a figure on Russia's. These are not isolated incidents. They are two of the world's most closely watched sanctioned states, both running meaningful financial operations through digital assets.

The framing from Western governments is that this proves crypto enables bad actors. The counter-argument is that it proves crypto is real money, real enough that nation-states depend on it when cut off from everything else. Both things are true simultaneously.

On May 26, a single block trade of 29.2 million IBIT shares worth $1.3 billion cleared at 10:30am. Bloomberg ETF analyst Eric Balchunas confirmed it and noted the obvious: one of these trades is not like the others.

Bitcoin's price did not move. The market absorbed $1.3 billion in a single transaction without blinking.

That is not a footnote. It is a measure of how deep the institutional Bitcoin market has become. A year ago, a trade that size would have been a market event. Now it clears quietly before lunch.

Trump Media and Technology Group transferred 2,650 Bitcoin, worth roughly $205 million at time of transfer, to Crypto.com in what Bitcoin Magazine reported as a likely pending sale. The company has accumulated $455 million in losses.

The move to Crypto.com is not self-custody. It is handing your keys to a third party with a probable sale on the other end. Not your keys, not your coins and in this case, probably not your coins for much longer.

The contrast with Strategy is stark. One entity is moving Bitcoin off its own balance sheet under financial pressure. The other spent $2 billion acquiring it in a single week. The supply available to long-term holders keeps growing.

Treasury Secretary Scott Bessent used a White House briefing to publicly push Congress on the CLARITY Act. His framing was direct: the most important thing the US can do is make digital assets come home. "I would encourage the House and the Senate to get Clarity done."

That is not a bureaucratic statement. The Treasury Secretary does not show up at a White House podium to say something he does not mean. When the person managing US fiscal policy tells lawmakers to move on crypto legislation, the Senate's calendar problem becomes harder to defend.

The CLARITY Act still faces competition for floor time in June against reconciliation and FISA. Bessent's appearance does not guarantee a vote, but it raises the political cost of delay.

Bitcoin is underperforming stocks, gold, silver, AI, and almost every major asset on the board in 2026, but that may be the clearest signal of what's actually broken. In this episode of Truth Block, Hurley looks at Bitcoin, inflation, fiat debasement, AI speculation, Ethereum’s collapse, capital flows, and why Bitcoin’s boring phase may be the most important setup in the market.