The US Commodity Futures Trading Commission announced Friday that it is allowing CFTC-registered exchanges to list perpetual contracts tied to Bitcoin, marking a regulatory milestone for derivatives trading in the United States.
Coinbase received a no-action letter from the CFTC permitting US customers to access options and perpetual futures contracts on the platform. Paul Grewal, Chief Legal Officer at Coinbase, called the approval a “massive first for the industry,” adding that the move enables “proven global products under American regulation.”
The CFTC framed the decision as aligned with President Trump’s stated goal of cementing the United States as the world’s crypto capital. The shift addresses a structural gap in the US market: offshore perpetual futures platforms handled $90 trillion in annual volume in 2025, up from $28 trillion in 2023, indicating substantial demand from US traders forced to use unregulated venues.
Kalshi, a prediction market platform, announced plans to launch perpetual futures contracts starting with crypto assets. The platform will charge funding rates every eight hours, with rates visible in transaction history. Kalshi positioned its entry as providing US traders with a regulated alternative to offshore platforms. Agricultural commodity perpetuals will not be included in Kalshi’s initial lineup.
The total digital asset market cap stands at $2.44 trillion, according to current data. The regulatory approval removes a barrier that has long pushed US retail and institutional traders toward offshore exchanges operating outside US jurisdiction.
The CFTC did not name other registered exchanges expected to list Bitcoin perpetuals, and Kalshi did not specify a launch date for its perpetual futures offering.
