CFTC Paves the Way for US Access to Crypto Derivatives Markets

The US Commodity Futures Trading Commission (CFTC) has taken a significant step forward in regulating the crypto derivatives market. On Friday, the agency approved KalshiEX, LLC's BTCPERP contract, a perpetual futures product that references the spot price of bitcoin and trades on Kalshi's CFTC-regulated designated contract market.

This move is seen as a watershed moment for US market structure, allowing American traders to access one of crypto's most important derivatives markets. The approval comes alongside a no-action relief granted to Coinbase Financial Markets, which will enable the company to offer digital commodity derivatives - including access to offshore venues - to US customers through a CFTC-registered futures commission merchant structure.

The combination of these developments sets a blueprint for how US-regulated entities can plug into and help domesticate the global perpetuals market. Kalshi can list a fully regulated bitcoin perp on its own exchange, while Coinbase can connect US clients to deep offshore liquidity pools without forcing them into bespoke offshore corporate structures.

The CFTC's move is part of a broader shift in regulatory approach, as Chair Michael Selig and President Donald Trump have gradually pivoted from an enforcement-driven deterrence posture towards one of structured onshoring of key crypto market segments.