CME Group and ICE have asked the CFTC to regulate Hyperliquid, the offshore perpetuals exchange drawing massive derivatives volume.

In this clip, Walt Lukken of the Futures Industry Association and Chris Perkins of 250 Digital Asset Management lay out Hyperilquid’s three options: come onshore and get the licenses, stay offshore and keep growing, or decentralize further until there is no entity left to regulate.

Chris argues the third path is the most innovative and the most legally interesting. Walt says the CFTC’s principles-based framework is already built for exactly this moment.

Guests:

• • Walt Lukken, President & CEO, Futures Industry Association
  • Chris Perkins, CEO, 250 Digital Asset Management

Host:

• • Laura Shin

This clip is from a longer conversation on Hyperliquid, CFTC jurisdiction, and the future of offshore crypto derivatives. Full episode here: https://youtube.com/live/FoWDibRZeN4

We go live every Monday and Thursday — subscribe to catch it live.

Sponsor:

• • Coinbase: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained.