- Kalshi became the first U.S.-regulated venue authorized to list and trade bitcoin perpetual futures.
- The approval establishes a regulatory framework for structuring perpetual contracts within U.S. compliance rules.
A key segment of the crypto derivatives market has entered the U.S. regulatory perimeter after the Commodity Futures Trading Commission approved the first Bitcoin perpetual futures contracts on a domestic exchange.
The agency also allowed Coinbase to connect U.S. clients to offshore perpetual futures and options, marking a shift toward integrating these products into regulated markets.
The CFTC approved Kalshi to list and trade Bitcoin perpetual futures, making it the first U.S.-regulated venue to offer such products. The decision sets a framework for how firms can structure perpetual contracts while staying within regulatory requirements.
On the same day, the regulator issued a no-action letter to Coinbase Financial Markets. The letter allows the firm to offer U.S. clients access to perpetual futures and options through Coinbase Bermuda, where the trades will be treated as foreign futures. The approval also permits customers to use digital assets such as Bitcoin, ether, and stablecoins as collateral.
CFTC Chairman Mike Selig said the move represents “a major step forward” for crypto policy. He described perpetual futures as “a foundational risk management and price discovery tool in the global crypto asset markets.”
See Related: ICE And OKX Partner To Launch Oil-Linked Crypto Futures
CFTC Defines Path For Crypto Perps
The decisions reflect efforts to bring trading activity back to the United States after years of migration to offshore platforms. Selig has previously said that earlier regulatory approaches pushed firms and liquidity outside the country.
Perpetual futures allow traders to speculate on price movements without expiry dates and often involve leverage. This structure can amplify both gains and losses. The CFTC said its approach aims to “limit excessive leverage, volatility and systemic risk.”
Recent market activity has highlighted these risks. A crypto perpetual contract linked to SpaceX’s valuation saw a rapid price drop earlier this week, wiping out about $1.5 million in value within 30 minutes due to a single large position in a thin market. The CFTC’s actions indicate a shift toward allowing broader access to crypto derivatives while maintaining oversight of risk in the U.S. market.
