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Proven is building a trust layer based on zero-knowledge proof for crypto service providers. This solution allows crypto exchanges, stablecoins, asset managers and custodians to demonstrate their solvency to customers, lenders and regulators on a daily basis. The company has already onboarded leading web3 companies, including Coinlist, Bitso, TrueUSD, and M11 Credit, among others.
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CFTC Pushes Back Against CME Perpetual Contract Lawsuit: Claims It Has Not Proven Actual Harm
According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) filed documents in court last Friday rebutting the legal challenge brought by the Chicago Mercantile Exchange Group (CME) against its new perpetual futures policy, arguing that CME lacks standing. The CFTC stated that CME raised only claims of heightened competition without demonstrating credible and imminent financial loss, noting that CME’s crypto futures trading volume has risen rather than fallen since the policy adjustment. In context, the CFTC approved Kalshi’s first Bitcoin perpetual contract this May and indicated it would regulate such products on a case-by-case basis under the futures category. CME, however, argues that perpetual contracts lack an expiration date, do not qualify as futures, and should instead be classified as swaps subject to a different regulatory framework. The CFTC also noted that CME previously told investors during an earnings call that there was no market demand for perpetual contracts and that they were not a substitute for CME’s existing futures products, asserting that CME cannot maintain contradictory positions in court and before investors.
Rune on Pump.fun Launching MemeStocks: Industry Leaders Should Drive More Innovation Rather Than Continuously Copying Proven Models
Odaily News – Crypto trader Rune (@RuneCrypto_) posted on X, stating that Pump.fun holds over $2 billion in cash, with a valuation of approximately $4.4 billion, making it one of the most influential platforms in the Meme coin market this cycle. However, since launching the Bonding Curve model, its subsequent product expansion has largely been a response to market demand already validated by other teams.Rune cited examples, noting that after Axiom's rise, Pump acquired Padre and renamed it Terminal; after fomo emerged, Pump added social features to compete for KOLs; and now that products combining Meme coins with equity-related assets have appeared on BNB Chain, Robinhood, Stonks, and Base, Pump has launched a similar MemeStocks feature.Rune stated that this strategy is not entirely ineffective—for instance, Padre's market share rose from roughly 2% to 10% after its acquisition. However, as a leading platform with substantial capital and resources, Pump should focus more on creating unvalidated new products rather than continuously replicating existing models. Otherwise, it may weaken the incentive for smaller teams to pursue product innovation, ultimately slowing the industry's overall pace of development.
Bernstein: Semiconductor Equipment Doesn't Follow Memory, History Has Proven It Twice
According to TechFlow Research, Bernstein's July 13 report pointed out that since June 2025, the memory sector has cumulatively outperformed semiconductor equipment by 661 percentage points. This has generated a common concern in the market: if memory corrects, will equipment follow suit and fall? Bernstein addressed this question using ten years of historical data. Equipment and memory are not highly correlated; correlation has remained low over the long term, and equipment has twice performed independently when memory weakened. Both divergence periods lasted about two years, with equipment achieving significant relative outperformance. From 2019 to mid-2025, memory continuously underperformed equipment for up to six years, only catching up in February 2026 at a level of 36-fold cumulative gain over 15 years. Since then, memory has accelerated upwards, with excess returns accumulating to extreme levels. If mean reversion occurs, equipment is expected to gain relative returns. SK Hynix has announced a $67 billion capacity expansion plan; equipment orders represent certain revenue. Bernstein rates Applied Materials AMAT, Lam Research LRCX, and ASML all as Outperform, with target prices of $525, $340, and €2300 respectively.