Policy signal
The White House sets out a US framework for onchain finance
Ahead of the CFTC Innovation Advisory Committee's first meeting, President Trump linked blockchain-based markets, regulated perpetual futures, stablecoins, a compliant US path for Hyperliquid and the CLARITY Act into a single market-structure agenda.
Open research note
Source context
The remarks framed onchain finance as a US competitiveness priority and called for clearer rules that let financial-market builders operate on American soil.
The policy stack cited in the speech includes Project Crypto, the Strategic Bitcoin Reserve, the Digital Asset Stockpile and the GENIUS Act for dollar-backed stablecoins.
Trump said the CFTC had authorized a Bitcoin perpetual-futures contract on a registered exchange and was working toward a compliant US route for Hyperliquid.
The remarks ended with a call for Congress to pass a fair version of the CLARITY Act as the next piece of digital-asset market-structure legislation.
Why it matters
The remarks consolidate several separate initiatives into one direction of travel: move more financial activity onto blockchain while bringing issuance, trading, custody and derivatives inside a US regulatory perimeter. The key question is how the CFTC, SEC and Congress translate that intent into durable rules.
What to watch
- The scope, timing and final form of the CLARITY Act.
- How the CFTC and SEC divide jurisdiction and coordinate implementation.
- The registration path for perpetual futures and onchain venues such as Hyperliquid.
- How surveillance, custody, collateral, AML and customer-access rules apply to always-on markets.