Coinbase CEO Brian Armstrong announced that the exchange received approval from the Commodity Futures Trading Commission (CFTC) to offer true global crypto perpetual futures to US traders. The clearance, granted via a no-action letter on May 29, allows Coinbase to route US customers to perpetual contracts and options on Deribit, the Dubai-based platform Coinbase acquired last year. Coinbase Financial Markets is now the first US-regulated firm to offer such access. Perpetual futures and options together represent about 80% of global crypto trading volume, with perpetual volume reaching $61.7 trillion in 2025 (up 29% year-over-year). The CFTC responded within a day to Coinbase's request and published a 16-page framework, but noted that perpetuals tied to other assets will be reviewed case-by-case. Armstrong framed the approval as pooled global liquidity arriving through a compliant US channel, rejecting claims that Coinbase is moving away from its crypto roots. He emphasized that the company uses crypto to upgrade traditional financial services and that clear rules could bring more crypto jobs to the US, citing Coinbase's new office in Charlotte, North Carolina. Attention now turns to which perpetual contracts will be offered first to US customers, and rival exchanges may seek similar relief.

Key facts

• CFTC issued no-action letter on May 29 allowing Coinbase to route US customers to Deribit perpetuals and options.
• Coinbase is the first US-regulated firm to offer compliant access to perpetual futures and options.
• Perpetual futures volume reached $61.7 trillion in 2025, up 29% year-over-year.
• CFTC responded within one day and published a 16-page framework for perpetual contracts.
• Armstrong says clear rules could bring more crypto jobs to the US, citing new Charlotte office.

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