I'm going to try to explain this as tersely as possible.
The TLDR is that there are ways of doing things in the United States, however that it is also how it is done in Hong Kong Singapore, Europe. etc
IMHO Crypto exchanges have failed to understand the regulatory landscape of Frank Dodd and post 2008 crash regs.
The key point here, is they don't understand the difference between Contract For Difference and Futures Derivatives. The Crypto industry structures its own Futures Derivatives as CFD swaps. This makes the regulators insane.
What upsets me as a crypto consumer, is that this licensed infrastructure doesn't just exist in the US. EU/UK/SG/HK all use the same commodity future derivative infrastructure and clearing exchanges and contracts.
The Crude Oil contract is CL, it is traded all over the world. This system exists, and it is up to regulators and crypto companies to adapt to it so that standardized, unified crypto contracts can be traded across the world.
In the US and abroad commodities share the same handful of Clearing Exchanges. These Clearing Exchanges are what make futures derivatives work inside a financially regulated system. But Crypto doesn't have any, except a couple proprietary ones on tiny unused US exchanges.
To legally fit inside the international derivative infrastructure, a digital equivelent of the CME and CBOE and respective Singapore clearing exchanges would need to be built, standard international contracts, with the ability of the regulators to examine systemic risk through reporting and compliance that only a central clearing exchange could provide.