Americans Are Excluded:
The United States offers no compliant path for trading onchain derivatives. As a result, Americans are shut out of transparent, efficient, resilient markets that are now thriving globally. These emergent markets upgrade to the legacy financial system while mitigating many of the risks that traditional regulations were designed to address.
Our Economy Suffers:
The strength of the American economy depends on hosting the world’s deepest and most trusted capital and derivatives markets. Without clear rules of the road at home, the next generation of financial infrastructure will develop elsewhere, driving innovation offshore and weakening American influence over the global financial system.
Write rules that empower investors to allocate capital on their own terms. Americans should be free to trade onchain derivatives, and entrepreneurs should be encouraged to build decentralized markets at home. Regulation should recognize the transparency, efficiency, and resilience these markets provide.
Recognize that software is infrastructure and developers are not intermediaries. The United States has long attracted the world's best innovations through unmatched capital formation, price discovery, and investor protections. The law should empower responsible builders to innovate at home while enabling regulators to promote the integrity and resilience of our markets.
American Prosperity:
Perpetuals are a better form of derivative, and decentralized markets are a better way to trade them. Because derivatives underpin global markets, onchain perpetuals represent a categorical improvement to the financial system that will benefit the U.S. economy.
American Leadership:
The United States will define the next generation of capital and derivatives markets. American developers will build at home. Investment will remain onshore, financial services will expand in our communities, and American values will shape the infrastructure powering global finance.