USA Paves the Way for Leveraged Bitcoin Trading – Yet Founders Remain Blocked in Fundraising

U.S. regulators are sending mixed signals to the crypto world. On the one hand, there are advances—the CFTC approved a regulated Bitcoin perpetual contract on a U.S. platform in May, allowing investors to bet on Bitcoin with up to 10x leverage. This is a clear sign that Washington is gradually accepting digital assets as a legitimate part of the financial system—at least when it comes to derivatives.
Yet for crypto startups, the legal landscape remains a minefield. Three months after the CFTC’s decision, the SEC has only proposed a tentative framework for how blockchain projects might one day raise funds under expanded rules. The order of these steps feels paradoxical: Speculators get access to high-risk trading, while financing innovative companies remains an uphill battle.
From Blockade to Cautious Opening
On May 29, 2024, the CFTC gave the green light for a Bitcoin perpetual contract on a regulated U.S. exchange—a true turning point. For the first time, U.S. investors can trade on a supervised platform with leverage. Many experts see this as a sign that Washington is beginning to accept digital assets as a legitimate part of the financial system—at least in derivatives.
But the optimism over this small liberalization is quickly dampened. Crypto founders have been fighting the SEC for years, which often classifies tokens as “unregistered securities,” effectively blocking capital raises through ICOs or other public models. While the SEC hinted in August that it wants to provide “regulatory clarity” for decentralized networks, concrete steps remain elusive.
Why the U.S. is Stifling Crypto Innovation—An Absurd Paradox
The current regulatory landscape is riddled with contradictions. The CFTC treats Bitcoin as a commodity (commodity), allowing derivatives trading, while the SEC clings to its securities doctrine. The result? A bizarre situation: Speculators can place high-risk bets on Bitcoin, but startups building the infrastructure for decentralized finance can’t legally raise investor capital.
“It’s like forbidding a tree from growing roots while harvesting its fruit,” says attorney Dr. Thomas Treff, a specialist in bl



ockchain regulation. The SEC argues that many token projects, despite decentralized architecture, remain centrally controlled—such as founders with admin keys. But it’s precisely this gray area that prevents innovative business models from taking root.
Global Competitors Seize the Opportunity
While the U.S. hesitates, other countries are making moves: El Salvador has adopted Bitcoin as legal tender, Dubai and Singapore are creating sandbox environments for crypto startups, and the EU has established clear rules with MiCA. Even in Switzerland, projects can raise capital through regulated “DLT licenses.”
“The U.S. risks losing its leadership in the crypto sector,” warns blockchain analyst Lisa Meier. “By putting obstacles in the way of founders, it’s driving innovation abroad.” DeFi protocols, which rely on public funding to develop their smart contracts, are particularly hard hit.
A Glimmer of Hope: The SEC Explores Solutions
The SEC’s recent announcement that it is reviewing “adjustments” for token networks could be an early ray of light. SEC Chair Gary Gensler suggested that projects demonstrating true decentralization might not automatically be classified as securities. But until then, it remains unclear how high the bar will be for such proofs.
A possible compromise? The SEC could introduce a “Reg A+” model for tokens, allowing limited public fundraising under strict conditions—similar to traditional stocks. Until then, crypto startups are left with only private investors or foreign exchanges.
Conclusion: A Patchwork Regulatory Landscape
The U.S. stands at a crossroads: Either it finally provides legal clarity for innovative business models, or it cedes the field to other nations. The approval of leveraged Bitcoin trading shows that U.S. authorities are slowly recognizing the importance of digital assets. But as long as founders continue to face legal roadblocks, it remains unclear who will truly benefit from this development.
One thing is certain: The crypto industry cannot be stopped. It will find ways to thrive even without the U.S. market—and that may be the worst outcome for those still waiting for clear rules.