US Regulator Opens Door to Cryptocurrency Perpetual Futures Contracts

The US Commodity Futures Trading Commission (CFTC) has taken a major step forward in regulating cryptocurrency perpetual futures contracts by granting approvals to Kalshi and Coinbase. This move is expected to bring offshore markets closer to domestic traders, providing them with greater access to global crypto derivatives.

Kalshi was granted approval for its bitcoin-referenced perpetual futures contract, known as BTCPERP, which allows market users to gain exposure to bitcoin price moves without a fixed expiry date. This marks the first regulated US bitcoin perpetual contract on a registered exchange and expands Kalshi's role beyond prediction markets into broader derivatives trading.

Coinbase received a no-action position from the CFTC for its digital commodity derivatives products, allowing it to connect US customers to certain global options and perpetual futures through Coinbase Bermuda. This move gives Coinbase a clearer compliance path for offering exposure to global derivatives markets and narrows the gap in access that US users have had compared to offshore venues.