Part 1 Advanced The Market Maker’s Exchange Checklist (Liquidity, Latency, and Risk Controls) Market makers and HFT desks: evaluate exchanges on execution quality, liquidity, latency, fees, margin, and security — with a WhiteBIT walkthrough. Open guide North America news
Stories 4
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DeFi
Crypto faces an offshore liquidity imbalance as US derivatives policy stalls ahead of 2026 showdown
Lobbying is turning into a moat as lawmakers draft crypto rules and enforcement targets the easiest control points.

Taxes
New IRS crypto tax form shows what you sold for (not what you paid) and one-click filing could make you overpay
Brokers are reporting 2025 proceeds without cost basis, so a “done in one click” import can quietly inflate gains.

ETF
Is China using US Bitcoin ETFs as a backdoor? Mystery Hong Kong firm invested $436M in BlackRock’s IBIT
As Chinese crypto regulations tighten, Hong Kong firms increasingly invest in US ETFs for Bitcoin exposure.






















