US regulatory approval to unlock perp market
The eventual regulatory approval of crypto perpetual contracts in the US represents a massive untapped market that will channel tens of billions in flows to compliant platforms and traditional brokerages.
The argument
The host and guests argue that because no US perp license currently exists, the onshore game hasn't even started; once regulatory clarity arrives, major brokerages like Interactive Brokers and Charles Schwab, alongside crypto-native platforms, stand to capture immense volume.
The thesis, stress-tested
✓ What validates it
- ✓CFTC or SEC issues the first domestic crypto perpetuals trading license
- ✓Interactive Brokers or Charles Schwab announces integration of a crypto perps backend
▸ Risks discussed
- ▸Regulatory approval in the US may be delayed or denied
- ▸Intense competition among traditional and crypto-native platforms
Hear it yourself
"When you see TradFi fin twig commentators tweeting about Hyper Liquid and the Hyper Liquid ETFs and DAS are pulling in tens to hundreds of millions of dollars of flows, it makes the entire perps sector more interesting and more exciting. But perhaps the number one reason to be excited about perps is that the world's largest capital market still hasn't given them regulatory approval. There's no one with a perps license inside The United States because that license doesn't exist yet. So while you may feel like you're late to the growth of offshore perps, the onshore perp game hasn't even started yet."
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