The crypto market may be entering a new phase as regulatory changes in the United States and growing ties with traditional finance signal deeper integration between digital assets and global capital markets.
Armani Ferrante, chief executive of Backpack Exchange, said recent moves by the US CFTC on regulated Bitcoin perpetual futures and the US SEC on tokenized securities are helping connect crypto with traditional finance. He also pointed to SpaceX’s expected major IPO as another sign of rising overlap between the two systems.
With the CFTC putting the full force of law behind regulated perps, with the SEC bringing securities onchain, with SpaceX, the biggest IPO in history, about to pop, a new era of crypto is forming.
Until now, crypto has operated as a parallel financial system. Segregated assets,… pic.twitter.com/ENDL8t6gWc
— Armani Ferrante (@armaniferrante) June 1, 2026
Regulation pushes crypto closer to traditional markets
Ferrante noted that crypto has long operated as a separate financial system, with its own assets, trading platforms, and user base. Over the years, the sector moved through several phases, including the ICO boom, DeFi expansion, NFT surge, memecoin cycles, and the rise of perpetual futures trading platforms. Each cycle built new infrastructure but still remained largely disconnected from traditional markets.
According to him, the current shift is different. Regulatory clarity around onchain securities and derivatives is reducing barriers between crypto and legacy finance. Institutions that once avoided digital assets are now more willing to explore them under clearer rules. This change is gradually linking crypto markets with global liquidity pools, allowing capital to move more freely between both systems.
Rise of crypto-native stock brokers
Ferrante predicted that the next major step will be the emergence of crypto-native stock brokers. These platforms would allow users to trade traditional equities and digital assets within the same environment, using blockchain infrastructure for settlement, custody, and execution.
He said this model could remove the divide between token markets and public equities, creating a unified trading layer for global assets. Instead of separate systems for stocks and crypto, users could access both through a single interface powered by onchain rails.
In February, Backpack unveiled a unique tokenomics framework that links the release of its native utility token to a future initial public offering (IPO) in the United States.
CFTC approves first US regulated Bitcoin perpetual futures
The CFTC has approved KalshiEX LLC’s BTCPERP contract, marking the first regulated Bitcoin perpetual futures product in the United States. The contract is cash-settled and tracks Bitcoin’s spot price using the CF Benchmarks index, while offering leverage without an expiry date.
The approval also comes with new regulatory guidance for exchanges, including support for 24/7 trading frameworks and coordination with platforms such as Coinbase Financial Markets. Officials say the move is aimed at bringing offshore crypto derivatives markets under US regulatory oversight while expanding access for compliant domestic traders.
CFTC leadership described the development as part of broader efforts to position the United States as a global hub for digital asset markets.
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