The U.S. Commodity Futures Trading Commission (CFTC) has granted landmark approvals to Coinbase and Kalshi, enabling regulated access to crypto perpetual futures and options for American traders. The twin decisions mark a major shift in the U.S. crypto derivatives landscape, bringing products that were previously dominated by offshore venues under federal oversight.
Coinbase becomes the first CFTC-regulated futures commission merchant (FCM) authorized to offer global crypto perpetual futures and options. The approval—in the form of a no-action position—allows Coinbase Financial Markets to route U.S. customers to certain offshore products through Coinbase Bermuda, treating them as foreign futures. Institutional clients can now post bitcoin, ether, and stablecoins as margin collateral, and they will also gain access to global crypto options via Deribit, which holds over $31 billion in bitcoin options open interest. CEO Brian Armstrong called it a “huge milestone,” noting that Americans were previously shut out of roughly 80% of the global crypto market.
Separately, the CFTC approved KalshiEX to list BTCPERP—a bitcoin-referenced perpetual futures contract with no expiry date. It is the first such regulated U.S. product on a registered exchange, expanding Kalshi’s business beyond prediction markets into broader derivatives trading.
The CFTC also issued staff guidance on 24/7 trading, clearing, and settlement, citing blockchain technology’s role in market demand. While the guidance provides near-term direction, it does not carry the same permanence as formal rulemaking, leaving the framework open to future adjustments by Congress or new agency leadership.
