Hyperliquid, Kraken, Coinbase: why crypto perps worry Wall Street

The CFTC’s decision to permit perpetual futures on U.S. equities has triggered a legal battle on Wall Street, with Citadel Securities and Cboe challenging the opening of this market to crypto platforms such as Hyperliquid, Kraken and Coinbase, arguing that these venues sidestep traditional financial rules. The dispute, examined by lawyer Hubert de Vauplane in an interview with Cryptoast, pits established exchanges and market makers against crypto-native perpetuals venues and raises broader questions about the future of traditional bourses. It matters because the outcome will shape whether crypto platforms can compete directly with incumbent derivatives exchanges for U.S. equity exposure. What to watch next is how the courts and regulators resolve the scope of the CFTC’s approval and whether traditional players succeed in forcing crypto perps venues into stricter compliance.