Regulatory Changes Pave the Way for dYdX to Become the First Decentralized Exchange to Launch in the U.S.

The decentralized crypto trading platform

is planning to launch in the United States by late 2025, signaling a major change in strategy for the derivatives-centric exchange that had previously blocked American users due to unclear regulations. Since its launch, the platform has handled more than $1.5 trillion in trades and now intends to introduce spot trading for leading digital assets such as (SOL) and others. To draw in more liquidity and compete with centralized exchanges, dYdX will lower its trading fees to a range of 50 to 65 basis points, as detailed in a Cryptopolitan report . President Eddie Zhang highlighted that this move fits into the company’s long-term vision, saying it “shows the direction we want to pursue,” according to Investing.com .

dYdX’s U.S. debut comes as the regulatory landscape has become more favorable under President Donald Trump’s leadership. Recent developments, such as the dropping of lawsuits against major crypto firms and the launch of “Project Crypto” by the SEC and CFTC, are intended to provide clearer rules for digital currencies. The Investing.com article also mentioned that in September, these agencies said they would consider permitting crypto perpetual contracts—dYdX’s main offering—to be traded on regulated U.S. platforms, though dYdX will initially avoid offering these products to remain compliant with current laws.

Choosing to focus on spot trading first reflects dYdX’s gradual approach to entering the U.S. market. Zhang stated that perpetual contracts will only be introduced once the regulatory environment is “fully established,” as reported by a

FinanceFeeds report . The exchange will keep its non-custodial structure, allowing users to maintain control over their assets while completing identity checks, according to CryptoNewsZ .

This expansion also comes as dYdX faces internal governance issues. In October, the platform experienced an eight-hour outage during a market downturn, leading to a $462,000 compensation proposal from its insurance fund for impacted users, as reported by

Investor Empires . The resulting governance vote, which brought attention to the vulnerabilities of automated liquidation systems during volatile periods, highlights the challenges decentralized exchanges face in balancing innovation with stability. These governance matters were also discussed by FinanceFeeds.

To strengthen its token’s value before entering the U.S. market, dYdX has launched a three-month trial buyback program starting November 1, 2025. The initiative will use all net trading fees to repurchase DYDX tokens, with an estimated budget of $5 million to $10 million, according to

Yahoo Finance . This follows a similar buyback in March 2025, which saw over 5 million tokens repurchased, and takes inspiration from platforms like Hyperliquid that focus on rewarding tokenholders.

Industry experts see dYdX’s U.S. expansion as a significant milestone for decentralized exchanges, which could benefit as regulators clarify the rules for crypto derivatives. If dYdX succeeds, it could become the first major decentralized exchange to legally operate in the U.S., posing a challenge to centralized players such as Coinbase and Kraken, as noted by Investing.com. The exchange’s approach is in line with Trump’s broader pro-crypto policies, which aim to bring crypto innovation back to the U.S. and build a competitive digital asset sector, a point also highlighted by CryptoNewsZ.