Lighter will file for a CFTC exchange and clearing license in November. If approved, it becomes the first onchain perp DEX licensed by the US derivatives regulator.

It is not the only one heading in. Hyperliquid is coming through Kraken, whose Bitnomial would run HIP-3 perps for US clients. Polymarket bought a licensed exchange and is already back. Ondo got a broker-dealer to sell tokenized stocks to Americans.

Others skip the paperwork and plug into licensed partners. Ethena issues USDtb through Anchorage, and Morpho powers $1.4B+ in Coinbase loans to US users.

The door opened in May, when the CFTC cleared the first onshore crypto perp. Stablecoins without a license become illegal in the US on Jan 18, 2027.