U.S. CFTC opens door for regulated crypto perpetual futures with approvals for Kalshi and Coinbase
The U.S. Commodity Futures Trading Commission (CFTC) on Friday granted its first approval for a bitcoin perpetual futures contract on a registered platform, Kalshi's BTCPERP, and issued a no-action letter to Coinbase Financial Markets allowing its U.S. clients to access perpetual futures via Coinbase Bermuda. Perpetual futures, or 'perps', are derivatives without an expiration date, allowing investors to speculate on price movements with leverage. CFTC Chairman Mike Selig stated the contracts provide a risk management tool and align with President Trump's goal to make America the crypto capital. The approvals follow March guidance on crypto asset classification. However, the policy lacks formal rule status, leaving it vulnerable to future changes. The move aims to bring offshore crypto perp trading onshore, but perps carry risks, as demonstrated by a recent flash crash on Hyperliquid.
Key facts
- CFTC approves Kalshi's BTCPERP, first regulated bitcoin perpetual futures in the U.S.
- Coinbase receives no-action letter to offer perpetual futures to U.S. clients via Bermuda subsidiary.
- Perps allow leveraged speculation without expiration, previously mainly traded offshore.
- CFTC Chairman Selig says perps offer risk management and support Trump's crypto vision.
- Policy lacks formal rule status, subject to change by future agency leaders.