Crypto’s favorite $90 trillion trading product is coming to Wall Street, but big banks are taking it slow
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- Regulated perpetual futures are officially landing in the U.S., bringing crypto's $90 trillion trading product onto regulated venues for the first time.
- Crypto exchanges and agile trading firms are racing to capture massive retail demand for the newly accessible product.
- Traditional Wall Street banks are holding back, choosing to wait until liquidity, rules, and infrastructure mature before entering the market.
- Banks' three stated gating conditions — liquidity, rules, and infrastructure — signal that institutional participation hinges on market plumbing, not just regulatory approval.
Why it matters: Retail traders gain early regulated access to crypto's $90 trillion perps market while Wall Street banks wait for liquidity, rules, and infrastructure to mature — splitting the U.S. rollout into a fast crypto-native lane and a slower institutional one that may cede first-mover ground.
