Headline: CFTC clears path for Bitcoin perpetuals in U.S.; issues no-action letter to Coinbase as Kalshi moves to launch regulated perpetuals
The U.S. Commodity Futures Trading Commission (CFTC) on Friday took a major step toward bringing one of crypto markets’ most popular derivatives onshore, saying it will allow CFTC-registered exchanges to list perpetual contracts tied to Bitcoin (BTC). The agency framed the change as creating a clearer regulatory path for liquid Bitcoin perpetual products to operate under U.S. rules — and as consistent with President Trump’s goal of making the United States the world’s “crypto capital.”
What this means
- The CFTC’s guidance paves the way for true perpetual futures — contracts with no fixed expiry that use periodic funding payments to anchor their price to spot — to be listed by exchanges registered with the regulator.
- In a related move, the CFTC issued a no-action letter to Coinbase that permits the exchange’s U.S. customers to access options and perpetuals the platform already offers. A no-action letter signals the agency will not bring enforcement action under specified conditions while it continues to evaluate the activity.
- Coinbase Chief Legal Officer Paul Grewal hailed the development on X (formerly Twitter) as a “massive first for the industry,” saying it reflects an effort to bring “proven global products under American regulation” — a necessary step, he argued, for the U.S. to become a leading crypto hub.
Market and industry response
- Kalshi, a prediction-market platform, announced plans to launch perpetual futures contracts in the U.S., starting with crypto perpetuals. The company positioned its product as a regulated alternative to offshore venues that dominate the perpetual market.
- Kalshi said the offshore perpetual market ballooned from $28 trillion in annual volume in 2023 to more than $90 trillion in 2025 (the figure comes from the firm). It also said its contracts will charge funding rates every eight hours, with those charges visible in transaction histories, and that agricultural commodity perpetuals will not be in the initial lineup.
Why it matters
Perpetuals have been a cornerstone product on many offshore crypto exchanges because they let traders take long and short exposure with high leverage and without rollover. Bringing these instruments onto CFTC-registered platforms could reduce regulatory arbitrage, give U.S. traders a domestically regulated option, and increase transparency around funding-rate mechanics and other market practices.
The CFTC’s action — plus Coinbase’s no-action letter and new product plans from firms like Kalshi — signals a notable shift toward formally accommodating widely used derivatives within a U.S. regulatory framework. Industry participants and policymakers will be watching closely as exchanges work to implement compliant perpetual products and as the agency monitors market integrity and customer protections.
Image: created with OpenArt; chart from TradingView.com.
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