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The CFTC has approved the first regulated bitcoin perpetual futures in the U.S. for Kalshi and granted Coinbase new access to global derivatives markets.
The U.S. Commodity Futures Trading Commission (CFTC) has authorized the first regulated bitcoin perpetual futures contract on a domestic exchange, marking a significant shift in how American traders access crypto derivatives [1]. Alongside this approval for KalshiEX, LLC, the agency granted no-action relief to Coinbase Financial Markets, allowing it to provide U.S. clients with access to offshore perpetual futures and options through a registered futures commission merchant structure [1].
Key takeaways
Perpetual futures, or "perps," are derivatives that do not expire, using a funding rate mechanism to keep the contract price aligned with the underlying spot market [1, 2]. Historically, these instruments have been dominated by offshore platforms, leaving U.S. investors with limited access to what is considered one of the most liquid segments of the crypto market [1]. By approving the BTCPERP contract, the CFTC has created a pathway for these products to exist within the U.S. regulatory framework [1]. Kalshi, which was valued at $22 billion following a May 2026 funding round, intends to expand its perpetual offerings to more than a dozen other cryptocurrencies, though each new listing will require individual regulatory review [2, 3].
For Coinbase, the no-action relief provides a structured way to connect U.S. clients to international venues like Deribit [1]. This arrangement allows institutional users to trade through a single U.S.-regulated futures commission merchant rather than relying on bespoke offshore corporate structures [1]. While the move opens new trading avenues, it also introduces significant risks; analysts note that these products can involve high leverage, sometimes reaching 50-to-1, which may lead to rapid losses for traders who do not fully understand margin calls and liquidation rules [3].
The CFTC’s decision represents a pivot from enforcement-driven deterrence toward the structured onshoring of crypto market segments [1]. This policy shift aligns with the goal of establishing the United States as a global hub for the digital asset industry [2]. As the market transitions to 24/7 trading, the CFTC has signaled that it will continue to monitor the risks associated with these round-the-clock operations [1]. While the current approvals are limited to specific products, the agency’s case-by-case review process suggests that the landscape for regulated crypto derivatives will continue to evolve as more firms like Robinhood and Gemini express interest in entering the space [2, 3].
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 4 outlets · Jun 12, 2026 · How we report
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