The US Commodity Futures Trading Commission (CFTC) announced Friday that it is allowing CFTC-registered exchanges to list a perpetual contract tied to the market’s leading crypto, Bitcoin (BTC). CFTC Ramps Up Crypto Perpetual Access In its announcement, the CFTC said the move creates a clearer path for liquid Bitcoin perpetual products to operate within US rules. The agency also framed the change as aligned with President Trump’s stated goal of cementing the United States as the world’s crypto capital, calling the availability of true perpetuals within the country a major advance. The announcement also comes alongside a separate regulatory action: the CFTC issued a no-action letter to crypto exchange Coinbase. According to the regulator’s guidance, the letter allows Coinbase’s US customers to access the options and perpetuals the company already offers. Coinbase Chief Legal Officer Paul Grewal called the development a “massive first for the industry” in a post on X (Previously Twitter), saying it reflects an effort to bring “proven global products under American regulation,” which he argued is key to making the US a leading hub for crypto. Kalshi Announces Perpetual Futures In response to the regulatory shift, Kalshi announced Friday that it plans to launch perpetual futures contracts, beginning with crypto perpetuals. The company positioned its entry as providing US traders with a regulated alternative to offshore platforms. Kalshi said the offshore perpetual market expanded sharply, rising from $28 trillion in annual volume in 2023 to more than $90 trillion in 2025. The prediction market platform indicated that regulation will be the differentiator for its crypto product. The firm said funding rates will be charged every eight hours and will be visible in transaction history. It also clarified that agricultural commodity perpetuals will not be included in the initial lineup. Featured image created with OpenArt; chart from TradingView.com
