Cryptocurrency products, Wall Street venues, Washington rules—interesting. On October 29th, ICE and OKX reached an agreement: To bring Trade[XYZ]'s perpetual contracts, based on Hyperliquid, to the United States. ICE will exclusively operate this new market, using a regulated channel. Previously, Americans could only trade perpetual contracts on offshore exchanges. Now, there's a licensed, onshore version, with the NYSE's parent company as the market maker. Perpetual contracts are the most successful product innovation in crypto over the past decade. They have no expiration date, use funding rates instead of settlement, and operate 24/7. They've always been offshore, inaccessible to Americans; this marks their official arrival onshore. Looking at the timeline, it's an eight-month-long process: In March, ICE invested in OKX, valuing it at $25 billion. In May, ICE's Brent and WTI crude oil prices were made into perpetual contracts and listed on OKX. In June, the two companies formed a 50/50 joint venture. OKXICE, with Andrew Cuomo as co-chairman On October 5th, the joint venture filed an application with the SEC to establish a tokenized US stock trading platform, covering over 60 US companies. On October 29th, the implementation method for perpetual contracts was finalized. From market data authorization to product development, to the joint venture, to licensing, everything was completed step by step. The NYSE's parent company was willing to personally oversee this, and the perpetual contract concept has also attracted the attention of established American investors.