The U.S. Commodity Futures Trading Commission (CFTC) has taken a significant step forward by facilitating American traders’ access to one of the key derivatives markets in the cryptocurrency sector. The agency has approved the inaugural true bitcoin perpetual futures contract on a U.S. exchange, while also providing necessary relief that allows Coinbase to guide U.S. clients toward global perpetual and options liquidity.
On Friday, the CFTC granted approval for KalshiEX, LLC’s BTCPERP contract, a perpetual futures product that references the spot price of bitcoin and operates within Kalshi’s CFTC-regulated designated contract market. This move underscores the regulatory agency’s commitment to supporting innovation within the U.S. financial landscape.
Simultaneously, the CFTC provided no-action relief to Coinbase Financial Markets, enabling the firm to offer digital commodity derivatives—including access to offshore trading options—to U.S. customers through a CFTC-registered futures commission merchant structure.
Perpetual futures, colloquially referred to as “perps,” are futures contracts that do not possess an expiration date, allowing traders to speculate on asset price movements without the necessity of direct ownership. These instruments have emerged as the dominant products in the realm of crypto derivatives trading, with a historical concentration of activity occurring on offshore platforms.
CFTC Chair Michael Selig characterized this regulatory action as a pivotal moment for the structure of U.S. markets. In a statement on social media platform X, Selig remarked, “This morning, the CFTC took historic action to permit the listing of a true bitcoin perpetual contract by a CFTC-registered exchange, charting a path for one of the most liquid segments of the crypto asset markets to exist within the U.S. regulatory framework.”
Coinbase CEO Brian Armstrong promptly acknowledged the implications of this development, underscoring the expanded market access that the agency has effectively authorized. He noted on X, “Big day for our U.S.-based traders, and for Coinbase,” and emphasized that U.S. users had previously faced limitations in accessing approximately 80% of global crypto markets, particularly in terms of perpetual futures and options.
The Commission’s staff indicated a growing interest in continuous trading, a trend partially driven by developments in digital asset markets. They posited that an advisory outlining potential risks associated with 24/7 trading, clearing, and settlement—alongside existing Commission regulations—could foster market robustness while promoting responsible innovation and fair competition among participants.
In practical terms, the combination of Kalshi’s approval, the no-action position for Coinbase, and the 24/7 advisory serves as a framework for U.S.-regulated entities to engage with and support the global perpetual futures market. Kalshi is now positioned to list a fully regulated bitcoin perpetual product on its exchange, while Coinbase can facilitate connections for U.S. clients to substantial offshore liquidity pools without the need to establish bespoke offshore corporate structures.
Under the leadership of Chair Selig and President Donald Trump, the CFTC has progressively shifted from a focus on enforcement-driven deterrence to a strategy emphasizing the structured integration of significant segments of the crypto market into the U.S. regulatory environment. Earlier this year, the CFTC and SEC jointly proposed a new taxonomy for crypto assets, with the SEC preparing an extensive rule set regarding tokenization. Additionally, Paxos recently obtained approval to clear U.S. equities using blockchain technology.
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