The U.S. Commodity Futures Trading Commission approved the first domestically listed bitcoin perpetual futures contract and granted Coinbase Financial Markets relief to route American traders to offshore crypto derivatives venues, marking a structural shift in how U.S. regulators approach crypto market onshoring.
On May 29, 2026, the CFTC authorized KalshiEX, LLC, a CFTC-registered designated contract market, to list BTCPERP, a perpetual futures contract with no expiration date. Simultaneously, the agency issued no-action relief to Coinbase Financial Markets, allowing the futures commission merchant to direct U.S. clients to global derivatives platforms including Deribit, an offshore exchange with tens of billions of dollars in bitcoin options open interest.
CFTC Chair Michael Selig framed the move as a watershed moment. “This morning, the CFTC took historic action to permit the listing of a true bitcoin perpetual contract by a CFTC-registered exchange, charting a path for one of the most liquid segments of the crypto asset markets to exist within the US regulatory framework,” Selig said in a statement.
The approvals address a longstanding gap in U.S. market access. Perpetual futures, which allow traders to bet on asset price movements without owning them directly, have historically concentrated on offshore platforms. U.S. users have been shut out of approximately 80 percent of global crypto markets in perpetual futures and options, according to Coinbase CEO Brian Armstrong.
“Big day for our US-based traders, and for Coinbase,” Armstrong said. “U.S. users had previously been shut out of ~80% of global crypto markets (perpetual futures and options). But not anymore!”
The CFTC also issued a staff advisory on Friday addressing 24/7 trading, clearing, and settlement of derivatives enabled by blockchain infrastructure. The Division of Clearing and Risk, Division of Market Oversight, and Market Participants Division jointly released guidance on potential risks posed by round-the-clock markets operating on decentralized infrastructure.
The approvals reflect a regulatory reorientation under Chair Selig and the Trump administration. Rather than enforcement-driven deterrence, the CFTC has shifted toward structured onshoring of major crypto market segments. Earlier in 2026, the CFTC and SEC jointly released a new taxonomy for crypto assets. Paxos, a blockchain clearing service, separately secured approval to clear U.S. equities on blockchain rails.
The CFTC did not specify the exact trading start date for BTCPERP or detail the contract’s leverage limits and specific terms. The agency also did not clarify the precise mechanism distinguishing no-action relief from formal regulatory approval, or name additional offshore venues beyond Deribit that Coinbase Financial Markets may route clients to.
