U.S. CFTC opens crypto 'perp' door with first approval at regulated firm
The CFTC has taken its first major step to allow U.S. crypto perpetual futures, approving Kalshi to list a bitcoin perpetual contract, BTCPERP, on a registered platform. The move gives U.S. firms a regulated path to offer “perps,” derivatives that let traders speculate on crypto prices without an expiration date. On the same day, the CFTC also issued a no-action letter to Coinbase, saying it would not pursue enforcement against certain perpetual futures products routed through Coinbase Bermuda and treated as foreign futures; this also allows digital assets such as bitcoin, ether and stablecoins to be used as margin collateral. CFTC leadership framed the move as a way to bring crypto trading and liquidity back onshore while limiting leverage and systemic risk. The action is not yet a formal rule and could be reversed by future regulators.
