It seems that @ coinbase is also going to aggressively enter the Perps market, and American users are finally being pulled back to compliant platforms to play perpetual contract trading openly. The significance of this matter is not small: 1) For Coinbase, it must be a significant positive news, as how much of Perps' global trading volume is contributed by American users on offshore platforms through VPN and KYC free methods. Now that Coinbase dominates, it can to some extent directly pull back a large portion of these users and trading volume Coinbase is one step closer to its goal of becoming a super financial trading platform, as its self imposed restrictions on compliance have been further relaxed; 2) In the past, US regulators kept high-frequency leveraged products such as Perps out, but with the necessity of Pre IPO price discovery and the global trend of liquidity standardization for asset tokenization on the blockchain, Perps is no longer purely a gambling property for leveraged trading purposes, but has become a cross asset product class, 24/7 trading general derivative comprehensive trading market. The CFTC, persuaded by @ brian'armstrong and others, must have also considered this aspect; 3) For on chain Perps DEX such as @ HyperliquidX, it will be the beginning of a new round of internal competition. It is highly likely that a portion of the US compliant user base will be diverted, but this will not shake Hyperliquid's advantage in decentralized, KYC free global non US user stickiness. On the contrary, relying on these CEX to further expand the potential user base of Perps, Hyperliquid can further enhance the ultimate experience and innovation. In fact, looking at it directly and indirectly, it can be considered as removing the regulatory pressure signal on HYPE and instead bringing Coinbase into direct competition. It's a bit like when USDT couldn't control it back then and turned to support USDC.