U.S. CFTC opens crypto 'perp' door with first approvals at Kalshi, Coinbase
The U.S. Commodity Futures Trading Commission (CFTC) has granted its first approvals for regulated cryptocurrency perpetual futures contracts, marking a significant regulatory milestone. Prediction market platform Kalshi and major exchange Coinbase received the initial approvals to offer these "perp" products under federal oversight, according to regulatory filings reviewed by CoinDesk.
Perpetual futures, commonly known as "perps," are derivative contracts that allow traders to speculate on cryptocurrency prices without expiration dates, unlike traditional futures. These instruments have been widely available on offshore exchanges but have operated in a regulatory gray area within the United States. The CFTC's approval represents the first time such products will be available through federally regulated platforms in the U.S. market.
The regulatory green light could reshape the American cryptocurrency derivatives landscape, potentially drawing significant trading volume back from offshore platforms to domestic exchanges. Industry observers note this development may encourage other major U.S. exchanges to seek similar approvals, as regulated perps could attract institutional investors who have been hesitant to use unregulated offshore alternatives. The move also demonstrates the CFTC's evolving approach to cryptocurrency regulation under the current administration.
Market participants will be closely monitoring the rollout timeline and specific terms of these approved products, as well as whether additional exchanges file for similar permissions in the coming months.
Source: CoinDesk
