CFTC Approves Kalshi Bitcoin Perps, Clears Coinbase Access to Global Crypto Futures
Updated
Updated · CoinDesk · May 29
CFTC Approves Kalshi Bitcoin Perps, Clears Coinbase Access to Global Crypto Futures
9 articles · Updated · CoinDesk · May 29
Kalshi won the first U.S. approval to list a bitcoin perpetual futures contract, BTCPERP, giving regulated domestic exchanges a path into a market long dominated offshore.
A same-day no-action letter let Coinbase Financial Markets route U.S. customers to global options and perpetuals through Coinbase Bermuda, with bitcoin, ether and stablecoins allowed as margin collateral.
Mike Selig called the moves a major step toward making the U.S. a crypto hub, saying the framework is meant to permit perps while limiting excessive leverage, volatility and systemic risk.
Perpetuals let traders hold leveraged bets without expiry, making them popular but risky; a Hyperliquid SpaceX-linked perp flash crash this week erased about $1.5 million in notional value in 30 minutes.
The CFTC's stance currently rests on approvals, guidance and no-action relief rather than formal rules, leaving the policy easier for future regulators to reverse.
Can Kalshi’s regulated crypto futures lure American traders away from the massive, high-leverage offshore markets?
With regulated crypto perpetuals now in the US, can they prevent the massive liquidation events common on offshore exchanges?
Now that crypto perpetuals are regulated stateside, will S&P 500 or Apple stock futures be next?