NYSE parent ICE wants regulators to treat 24/7 onchain perps the same way across venues. ICE CEO Scott Hillman said regulators need to create a “level playing field” for launching these contracts, Cointelegraph reports.
The key detail. These 24/7 onchain perps products are not theoretical. They are already trading on exchanges such as Hyperliquid, per Cointelegraph.
That puts regulators in a tight spot. If the same type of derivatives can move liquidity on trading platforms outside traditional market structures, then rule differences become a competitive variable. Hillman’s “level playing field” framing points directly at that mismatch, not at the technology.
Why it matters
Onchain perpetuals run 24/7. That can keep trading open while traditional venue hours are closed. If regulators do not align their approach for new onchain perps launches, firms with different operating models may face uneven barriers.
Hillman’s comments, as reported by Cointelegraph, also signal ICE’s view of its lane. If contract launches remain constrained on some platforms and freer on others, incumbents and new entrants do not compete on the same rule set. That is what “level playing field” is trying to correct.
Market impact
The practical effect is about adoption friction. Cointelegraph’s report ties the regulatory gap to products already live on venues like Hyperliquid. When markets already trade a structure, regulators tend to face a choice.
They can either write rules that bring that activity into an expected framework, or they can leave fragmentation in place and watch liquidity keep routing to places with fewer launch hurdles.
Either path affects how market makers price risk and how exchanges compete for volume. Hillman’s remarks do not guarantee any rule changes. They do clarify where ICE thinks the bottleneck sits.
What to watch next
Cointelegraph’s coverage centers on Hillman’s call for regulators to create a “level playing field.” The next step is whether regulators respond with harmonized guidance or a formal framework for launching 24/7 onchain perps contracts.
Watch for concrete rule proposals that address launch and oversight. Also watch whether major venues align their product roadmaps once regulators signal how they want 24/7 onchain perps handled.
| Item | What Cointelegraph reports |
|---|---|
| Who said it | ICE CEO Scott Hillman |
| Main message | Regulators need a “level playing field” for launching 24/7 onchain perps contracts |
| Market reality cited | 24/7 onchain perps are already trading on exchanges such as Hyperliquid |