New paperwork, big ambitions
Bullish is trying to level up from crypto platform to something closer to full-on market infrastructure. The company said it filed applications with the U.S. Commodity Futures Trading Commission for two heavy-hitter permissions: Designated Contract Market (DCM) status and Derivatives Clearing Organization (DCO) registration.
That may sound like alphabet soup, but the vibe is pretty simple: Bullish wants to play a bigger role in how derivatives are traded and settled in the U.S. If the CFTC gives the green light, that could open the door to more institutional business and a more durable, regulated revenue stream.
Why investors should care
For a company like Bullish, regulation isn’t just paperwork — it’s the moat. These approvals can make a platform more credible with institutions, but they also come with a long review process and zero guarantee of approval.
- DCM status would let Bullish operate a regulated trading venue.
- DCO registration would let it clear derivatives transactions.
- Together, they could make Bullish look a lot less like a crypto sideshow and a lot more like financial plumbing.
Big picture
This is the kind of move that says, “we’re not here for the meme coins, we want the infrastructure.” Investors should watch for how regulators respond, because in crypto-land, the difference between “pending” and “approved” can be the whole game.