A $90 TRILLION MARKET WANTS TO COME HOME — KRAKEN’S PARENT FILED THE OUTLINE — THE PAPERWORK TAKES A YEAR IF IT GOES FAST

Kraken’s parent company, Payward, wants to bring Hyperliquid’s perpetual futures onshore. The route runs through Bitnomial, the regulated venue Payward bought in April for as much as $550 million: registered American users would get access to markets tied to Hyperliquid’s exchange and its chain. Payward has already handed the CFTC an outline. Nothing is approved. Ashley Ebersole, formerly senior counsel at the SEC, puts approval at ten to twelve months, and that assumed things move quickly. The prize is the number former CFTC chairman Chris Giancarlo keeps repeating: about $90 trillion changed hands offshore in perpetual futures last year, up from $28 trillion two years before that. His line is that this is not a mystery to solve, it is a market waiting for a sensible American rulebook. What he is describing is a decade of business that left the country and is now being invited back one filing at a time. Meanwhile the Clarity Act sits in recess, the rewritten custody rule sits at the White House waiting on review, and the crypto offering proposal takes comments until October 20. The money left in months. It comes home in years, if it comes home at all.