US onshore crypto perps market opens
The CFTC's approval of onshore Bitcoin perpetuals and self-certification rules for digital commodities is argued to pave the way for a regulated US crypto derivatives market.
The argument
The CFTC chairman argued that establishing clear rules and allowing self-certification for digital commodities like Ethereum and Solana will bring liquidity back onshore. This shift is expected to protect investors through regulated clearinghouses while fostering domestic innovation.
The thesis, stress-tested
✓ What validates it
- ✓Launch of self-certified perpetual contracts by other US exchanges like Kraken or Gemini
- ✓Onshore perpetual trading volume showing sustained growth on Coinbase or Kalshi
▸ Risks discussed
- ▸Lower leverage limits onshore (5-10x) compared to offshore (250x) may deter some high-risk traders
- ▸Regulatory rejection of self-certified contracts if they violate CFTC rules
Hear it yourself
"So if we can come up with a path for The United States, we'll do it, and we're gonna certainly work on it. Bankless Nation, I am once again joined by Mike Selick. He is the CFTC chairman back on Bankless. Mike, great to have you. Glad to be here. Two weeks ago, the CFTC announced the order for approval to CalshiX for the listing of the BTC PERP contract. This is a pretty pretty big landmark for the perpetual as an instrument. It's also the first onshore US Bitcoin perpetual futures contract from a CFTC registered exchange. At the same time, the CFTC also gave Coinbase"
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