Perps are a better derivative. Prediction markets are a better product than sportsbooks. Americans can't access either onchain. That's the problem @jchervinsky (Hyperliquid Policy Center) is in Washington to fix. Jake Chervinsky, the CEO of @HyperliquidPC, joins @masonnystrom on Stateful to break down the current state of blockchain regulation in the U.S. In this episode, they cover: - The CLARITY Act: 90-95% done, August recess is the do-or-die deadline, and two sticking points remain. - The CFTC's crawl-walk-run path to regulated on-chain perps in the U.S. - CME sued the CFTC to block perp trading. Jake thinks they have the wrong side of the law. - Vegas doesn't want to lose its sports betting monopoly to prediction markets. The CFTC disagrees. - Tokens are for onchain value. Equity is for offchain value. Pick one. 00:00 Why Jake Joined the Hyperliquid Policy Center 04:57 The Path to Regulated On-Chain Perps in the U.S. 17:03 CME Sues the CFTC to Block Perp Trading 21:02 Prediction Markets vs Vegas: The CFTC Battle 26:29 The CLARITY Act: Status, Sticking Points, and the August Deadline(Pantera Capital)