The U.S. has approved perpetual contracts, but on-chain perpetuals are a different story. On September 7, 2026, Hyperliquid Policy Center CEO Jake Chervinsky (@jchervinsky) mentioned in an interview with *The Rollup* that the U.S. has allowed exchanges to list Bitcoin perpetual contracts, but on-chain perpetuals still face distinct regulatory challenges. He pointed out that the CFTC has approved Coinbase and Kraken to offer Bitcoin perpetuals, but the approvals so far are limited to traditional centralized exchanges. Permissionless public chains like Hyperliquid still lack a clear compliance pathway. He emphasized that the real push should be to bring on-chain markets into the U.S., rather than just returning perpetual contracts to traditional markets. Source: *The Rollup*