Hyperliquid Policy Center CEO discusses US regulation of onchain perps
Summary
On September 7, 2026, Jake Chervinsky, CEO of the Hyperliquid Policy Center, discussed the regulatory landscape for bitcoin perpetuals in an interview with The Rollup, highlighting that while the U.S. has permitted centralized exchanges like Coinbase and Kraken to offer these products, onchain perpetuals are facing distinct regulatory challenges. Chervinsky emphasized that the approval from the CFTC pertains specifically to traditional centralized exchanges, leaving onchain platforms like Hyperliquid lacking a clear compliance path. He underscored the importance of integrating onchain markets into the U.S. regulatory framework rather than reverting to conventional market structures.
Tokens
$BTC
Analysis
Kraken: Kraken functions as a centralized cryptocurrency exchange with a range of trading products. It received CFTC approval to offer bitcoin perps on its conventional exchange setup. This aligns it with other centralized entities under existing oversight frameworks distinct from blockchain-based systems. Coinbase: Coinbase operates as a centralized cryptocurrency exchange offering trading and related services. The CFTC has approved it to provide bitcoin perpetual futures through its traditional platform structure. These approvals position it within established regulatory channels separate from onchain protocols. Jake Chervinsky: Jake Chervinsky is the CEO of the Hyperliquid Policy Center, where he focuses on regulatory policy for onchain derivatives. He recently discussed in an interview how US approvals for bitcoin perps apply to centralized exchanges but leave permissionless platforms without clear guidance. His remarks underscored goals for integrating onchain markets into domestic regulatory systems. Hyperliquid Policy Center: The Hyperliquid Policy Center is an organization dedicated to advancing policy for onchain perpetual futures and decentralized markets. Its CEO Jake Chervinsky recently addressed regulatory distinctions in US oversight of perps during an interview with The Rollup. The center prioritizes pathways for permissionless blockchains to operate compliantly within the United States. Regulation: The CFTC has approved Coinbase and Kraken to offer bitcoin perps through their centralized exchange operations, creating a contrast with onchain platforms. Policy Focus: Advocacy efforts target bringing onchain perpetual markets under US regulatory compliance rather than defaulting to traditional centralized structures.
Categories
cryptotechdefibitcoinhyperliquidperpssolanaripple