Wu said that Coinbase CEO Brian Armstrong stated that due to the long-standing lack of clear cryptocurrency regulatory frameworks in the United States, a large volume of perpetual contract trading is flowing to overseas platforms. He mentioned that, to be honest, about half of the perpetual contract trading volume may come from U.S. users accessing offshore platforms with more lenient KYC regulations via VPNs, which is almost an open secret within the industry, and penalties for such behavior are rarely enforced effectively. Armstrong also said that Coinbase has recently been approved to offer crypto perpetual contract trading services accessible to global liquidity for U.S. users.