Former senior SEC counsel Ashley Ebersole estimated in September 2026 that CFTC regulatory approval for Payward's HIP-3* onshore perps deployment could take up to a year and involve both the SEC and CFTC

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

Futures, options, and perpetual swaps tied to digital-asset prices, letting traders hedge or lever positions and often dwarfing spot volumes.