The Commodity Futures Trading Commission has approved Kalshi's BTCPERP contract, marking the first bitcoin perpetual futures product on a registered U.S. exchange. In a separate action, the agency also cleared Coinbase to route customers to its offshore Deribit affiliate.
Together, these moves establish a regulated onshore pathway for a derivatives product that has long been pushed abroad due to regulatory uncertainty. The approvals signal a significant shift in the CFTC's stance on how U.S. firms can engage with crypto perpetuals.
Market reaction has been muted in early trading, with bitcoin hovering near $68,000. The approval is expected to boost trading volumes on Kalshi and Coinbase, while potentially drawing liquidity back from offshore platforms.
Analysts caution that while the CFTC has opened the door, other regulators like the SEC may still impose restrictions. The long-term impact depends on broader coordination among U.S. financial agencies.