Why Crypto’s Top Betting Tool Is Edging Closer to US Debut Under Trump

Trading of cryptocurrencies began in online forums and obscure exchanges, where buying and holding tokens was the norm. But making leveraged bets — a common tool in traditional finance that allows investors to take a large position with a small amount of capital — was nearly impossible.

That changed in 2016 when crypto trading platform BitMEX launched perpetual futures: contracts with no expiration that let traders speculate with leverage around the clock. Known as “perps,” these contracts quickly became the dominant instrument to bet on crypto prices.