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CFTC Approves First US Bitcoin Perpetual Futures on Kalshi; Issues Guidance for Coinbase

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CFTC Approves First U.S. Bitcoin Perpetual Futures Contract

The U.S. Commodity Futures Trading Commission (CFTC) has approved Kalshi to list and trade the first U.S. bitcoin perpetual futures contract, called BTCPERP. The regulator stated the approval requires Kalshi to comply with all applicable provisions of the Commodity Exchange Act.

In a separate action, the CFTC issued a no-action letter to Coinbase Financial Markets (CFM), permitting it to route certain perpetual futures products through Coinbase Bermuda, treating them as foreign futures. CFM may post customers' digital assets (bitcoin, ether, stablecoins) as margin collateral.

"Perpetual contracts serve as a risk management and price discovery tool in global crypto markets." — CFTC Chairman Mike Selig

Selig argued that the approval supports President Donald Trump's goal of making the U.S. a crypto capital.

Key Details

  • Kalshi's BTCPERP is the first true bitcoin-referenced perpetual on a registered U.S. platform.
  • The CFTC's no-action letter for Coinbase allows CFM to offer perpetuals to U.S. clients via its Bermuda subsidiary.
  • Perpetual futures have no expiration date and typically involve leverage, increasing both potential gains and losses.
  • The CFTC's actions are statements and guidance, not formal rules, and could be overturned by future agency leaders.
  • The approval follows similar guidance from the CFTC and SEC in March that proposed definitions for classifying crypto assets.

Statements

"This marks Kalshi's evolution from prediction market leader to next-gen derivatives exchange." — Tarek Mansour, CEO of Kalshi

"A massive first for the industry." — Paul Grewal, Coinbase chief legal officer, on the no-action letter

CFTC Chairman Mike Selig wrote that the agency's approach to perps would "limit excessive leverage, volatility and systemic risk."

Background

The CFTC oversees several crypto-native exchanges in the U.S., including Bitnomial, Gemini, and Polymarket. Perpetuals are a popular derivative traded primarily outside the U.S.

The agency's new stance does not carry the weight of a formal rule, and officials note that permanent policy requires congressional legislation.