LedgerX is a US-regulated crypto derivatives exchange. For now, they only have Bitcoin options, but they plan to expand their offerings.
NOTE: Because this company was bought by FTX, we advise avoiding it.
Beyond CME and Bakkt, Americans don’t have many options for crypto derivatives, so those in states with lots of restrictions may want to check out LedgerX.
Options can be tricky to learn, but at their simplest and most conservative, they can be used to hedge spot long positions.
So for example, if you hold 1 BTC and want to hold it long-term, you can buy a put-on Bitcoin for months out and hold that to hedge against Bitcoin going down.