Davis Polk partner Gabe Rosenberg was quoted in Bloomberg discussing the future of crypto derivatives in the United States.

“I think we are definitely moving in a direction of crypto-based derivatives being available in the U.S.,” Gabe said. “To me, it is really just a matter of time.”

Gabe noted that for retail investors, it is not currently legal for them to enter into a swap on Bitcoin other than on a registered futures exchange, which is an impediment to (non-futures) retail crypto derivatives adoption.

“Legislation would certainly be helpful in clarifying various issues and taking away concerns about the regulatory tides shifting,” he said. “But it’s not necessarily the case that it is impossible to do crypto derivatives in a legal manner today.”

“Perpetual Futures Offering Massive Leverage on Crypto Seen Coming to U.S.,” Bloomberg (April 10, 2025) (subscription required)

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