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The case that US-regulated Bitcoin perpetual contracts could fundamentally alter crypto trading rests on a single structural question: what changes when the exchange clearing a perpetual swap answers to a domestic regulator rather than an offshore one?
That question, explored by TradingView, is more consequential than the headline lets on.
The Mechanism First A Bitcoin perpetual — a futures contract with no expiry date, kept tethered to the spot price through periodic funding payments between longs and shorts — has been the dominant trading instrument in crypto for years.
The problem, from a regulatory standpoint, has always been where these contracts live.
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