CFTC Clears Kalshi's BTCPERP Perpetuals; Coinbase Gets No-Action Relief Path for U.S. Access

Coinbase (COIN) and prediction-market operator Kalshi said Friday they are bringing perpetual crypto futures to U.S. customers, pushing a widely used derivatives product from a long-standing gray area into regulated, onshore oversight. The Commodity Futures Trading Commission (CFTC) has signed off on listings that allow perpetuals to trade via regulated U.S. venues. Kalshi said it submitted its contract on May 29 under the CFTC's voluntary review framework, and the agency found the contract complies with the Commodity Exchange Act. Kalshi's exchange, KalshiEX, received approval to list a bitcoin-linked perpetual futures contract called BTCPERP, giving traders exposure to bitcoin price moves without a traditional expiration date. The company said the product will operate subject to full compliance with the Commodity Exchange Act and related rules. Kalshi added that it plans to seek approval for perpetuals tied to more than a dozen additional cryptocurrencies, pending further regulatory review. "Onshore, safe, and regulated perps will improve capital allocation and risk management for countless American businesses," CEO Tarek Mansour said. Perpetual futures have surged in activity as traders pursue volatility in a lower-price token environment. CryptoQuant data show perpetuals' trading volume hit $61.7 trillion in 2025, up 29% from 2024. Coinbase is taking a different route. The CFTC issued a no-action determination for Coinbase Financial Markets, allowing the subsidiary to facilitate U.S. customer access to selected international options and perpetual futures products. Those transactions will be handled through Coinbase's Bermuda entity under a foreign futures regulatory classification, rather than as a purely domestic listing. The move is seen as a step toward clearer U.S. oversight of perpetuals, potentially widening institutional participation, improving risk management, and drawing in capital that has been constrained by compliance and custody concerns. Kalshi's plans to broaden its slate of crypto-perpetual contracts also point to further growth in onshore derivatives offerings for U.S. traders. Together, the approvals mark progress in folding crypto derivatives into established U.S. regulatory structures while giving exchanges distinct pathways to serve American customers.