CFTC approves bitcoin perpetuals for Coinbase and Kraken, but onchain perps like Hyperliquid still lack a clear regulatory compliance path.
DeFi & Yields ·
The U.S. regulatory environment has opened a path for centralized platforms to offer bitcoin perpetuals: the CFTC has greenlit both Coinbase and Kraken to operate such products. However, this approval applies narrowly to traditional exchange operators, creating a divergence in the market structure of derivatives trading.
Permissionless blockchain platforms face a distinct obstacle. Jake Chervinsky, CEO of the Hyperliquid Policy Center, explained in a September 2026 interview that onchain perpetuals occupy a different regulatory terrain from their centralized counterparts. While established exchanges can now legally offer these contracts, projects built on decentralized protocols—such as Hyperliquid—lack a defined pathway to compliance under current U.S. frameworks.
The strategic question remains unresolved: whether regulators will eventually create a compliant route for permissionless onchain markets or whether perpetuals will consolidate around centralized gatekeepers. Chervinsky framed the challenge not as restoring derivatives to legacy structures but as establishing legitimate access to decentralized trading infrastructure within U.S. jurisdiction. The specifics of how—or whether—that accommodation might occur remain open.