The U.S. Commodity Futures Trading Commission has approved the listing of a bitcoin perpetual futures contract on a regulated domestic exchange, opening a new route for crypto derivatives activity inside the United States. The approval allows Kalshi, a CFTC-registered exchange, to list and trade a bitcoin-referenced perpetual contract known as BTCPERP. CFTC Chairman Mike Selig said the agency had delivered on a commitment to bring crypto asset perpetuals into the U.S. regulatory framework. In public remarks shared on X, Selig said the decision created a path for one of the most liquid areas of crypto trading to operate through regulated U.S. venues. Perpetual futures, often called perps, are derivatives that allow traders to speculate on the future price of an asset without a fixed expiration date. Unlike traditional futures, these contracts can remain open as long as margin requirements are met. In crypto markets, bitcoin perpetual futures and other crypto perps have become widely used on offshore exchanges. Kalshi Secures Approval for Bitcoin Perpetual Contract The CFTC said Kalshi’s BTCPERP contract must be listed and maintained in line with the Commodity Exchange Act and other applicable rules. The approval gives Kalshi permission to offer what the agency described as a true bitcoin perpetual contract through a regulated exchange structure. Kalshi is widely known for its prediction market business, but the company has been expanding into broader derivatives products. Chief Executive Tarek Mansour said the approval marked a new phase for the company beyond event contracts. He said regulated onshore perps could support capital allocation and risk management for U.S. users and businesses. The decision places Kalshi among the firms building regulated crypto derivatives products in the United States. Other crypto-native exchanges overseen by the CFTC include Bitnomial, Gemini, and platforms connected to prediction markets. The approval also comes as U.S. regulators review how event contracts, crypto derivatives, and digital asset markets should fit into federal oversight. Coinbase Affiliate Receives No-Action Relief In a related move, the CFTC issued a no-action letter connected to Coinbase Financial Markets. The letter allows the Coinbase affiliate to connect eligible U.S. customers to certain global options and perpetual futures products routed through Coinbase Bermuda. The agency said these products would be treated as foreign futures. The no-action position also permits Coinbase Financial Markets to transfer certain customer digital assets, including bitcoin, ether, and stablecoins, as margin collateral to foreign brokers for those products. Coinbase Chief Legal Officer Paul Grewal described the step as a major industry milestone in a post on X. The move gives Coinbase a regulatory pathway to offer access to crypto perpetual futures and options markets that have largely developed outside the United States. The CFTC action does not carry the same legal weight as a formal rulemaking process. No-action letters, staff guidance, and individual approvals show how the agency currently views certain products, but they can be changed by future regulators or replaced by new laws from Congress. Policy Shift Follows Push to Bring Crypto Trading Onshore The CFTC’s action follows public support from President Donald Trump for expanding U.S. crypto market activity and keeping prediction markets under federal oversight. Trump recently said the CFTC should maintain exclusive authority over the prediction market industry and criticized state-level efforts to restrict platforms such as Kalshi and Polymarket. The White House Office of Information and Regulatory Affairs has also started a policy and economic review of a proposed CFTC framework for prediction markets. That proposal is expected to address event contracts tied to elections, sports, gaming, and other outcomes. Selig said the agency’s approach is aimed at supporting responsible innovation while keeping trading on regulated exchanges with customer protections and market integrity standards. He also said the CFTC’s framework for crypto asset perpetual contracts would seek to limit excessive leverage, volatility, and systemic risk. The agency’s new direction follows broader coordination between the CFTC and the Securities and Exchange Commission on digital asset oversight. Earlier guidance from the two agencies set out categories for certain crypto assets and explained how they could be supervised under existing frameworks. Concurrently. Michael Saylor, executive chairman of Strategy, has also welcomed the CFTC’s move. In a post on X, Saylor said the guidance “advances Bitcoin capital markets” by supporting “24/7 trading, BTC collateral, perpetual futures, options, and regulated access.” He added that the development was “good for BTC holders,” supported the company’s MSTR strategy, and strengthened the role of STRC as Bitcoin-backed digital credit.
