Evolution of Regulated Crypto Derivatives in the US

The U.S. landscape has shifted from offshore dominance to highly regulated, in-house derivatives infrastructure operated by major exchanges.

The top 3

  1. Coinbase Derivatives: Operates a CFTC-regulated clearinghouse, allowing for in-house perpetual futures and reducing reliance on third-party intermediaries. Coinbase
  2. Kraken Derivatives: Utilizes its acquisition of Bitnomial to provide a fully regulated, domestic stack for trading perpetual futures. Kraken
  3. Regulatory Barrier: Companies are racing for DCM and FCM status to capture U.S. institutional flow, shifting competition away from offshore 'gray' markets.

Sources

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