Perps are coming onshore. CFTC Chairman Mike Selig joins David to unpack the first U.S.-regulated Bitcoin perpetual futures contract, the end of regulation by enforcement, and what comes next for Coinbase, Kalshi, Kraken, Gemini, Hyperliquid, Lighter, and the broader U.S. perp market. They also discuss which assets could list next, how U.S. leverage will differ from offshore exchanges, and why equity perps, RWAs, and 24/7 trading may be the next frontier of American finance.

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TIMESTAMPS 

0:00 Intro

3:32 Self-Certified Crypto Contracts

7:08 Chasing the U.S. Perps Market

9:00 Bringing Liquidity Onshore

10:18 U.S. Market Guardrails

12:44 Blockchain Transparency Advantage

19:17 Hyperliquid and Onchain Perps

23:09 Real-World Asset Perps

24:38 Equity Perps & SEC

26:35 Incumbents Versus Disruptors

31:28 Derivatives Dominating Crypto

33:16 Perps Are Just Beginning

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RESOURCES 

CFTC Chair Mike Selig

https://x.com/ChairmanSelig

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