The US Commodity Futures Trading Commission (CFTC) has opened the way for American traders to access one of the most important crypto derivatives markets, approved the first true bitcoin futures contract on the US exchange and issued the same aid that allows Coinbase to move US clients to global perp and liquidity of options.
On Friday, the agency approved KalshiEX, LLC’s BTCPERP contract, a permanent product that references the price of bitcoin and trades on Kalshi’s CFTC fixed-term contract market.
At the same time, officials did not grant relief to Coinbase Financial Markets, which allows it to offer digital asset derivatives – including access to offshore positions – to US clients through a CFTC-registered futures commission dealer structure.
Perpetual futures, or “perps,” are a type of futures contract with no expiration date that allow traders to bet on the price movement of assets without directly owning them.
They have become a dominant product in crypto derivatives trading, and much of the activity has historically been focused on offshore platforms.
CFTC chairman Michael Selig described the move as a time of growth in the US market structure.
“This morning, the CFTC took a historic step to allow the listing of bitcoin perpetual contracts on CFTC-registered exchanges, paving the way for liquid parts of crypto asset markets to exist within the US regulatory framework,” Selig said in a post to X.
Coinbase CEO Brian Armstrong quickly weighed in on the news, highlighting how much market access the agency has successfully opened. “Big day for our US-based traders, and Coinbase,” he wrote on X, noting that US users were previously shut out of “~80% of global crypto markets (perpetual futures and options). But not anymore!”
With Coinbase Financial Markets, institutional clients will have access to global perps and options – including Deribit, which has tens of billions of dollars in open bitcoin options – through a single US-controlled FCM.
CFTC Advisory 24/7
Friday’s announcements did not come alone. In addition to product actions, the CFTC’s Division of Clearing and Risk, Division of Market Oversight and Market Participants Division issued a staff advisory on 24/7 trading, clearing and liquidation of derivatives.
The advisory is not formal rulemaking, but it provides a window into how the agency is thinking about overnight markets that are increasingly powered by blockchain and scalable infrastructure.
Commission staff said they have seen a growing interest in successful 24/7 trading, driven in part by digital commodity markets.
“Therefore, the staff of the Commission believe that the advice, which explains the possible risks related to trading, clarification, and settlement 24 / 7, and the ways in which these risks are considered by the current rules of the Commission, can help to promote the stability of the market, as well as responsible innovation and fair competition between market participants,” wrote the staff.
In essence, the combination of Kalshi’s approval, Coinbase’s passive environment and 24/7 advisory is like a blueprint for how US-controlled businesses can connect to, and help domesticate, a permanent global market.
Kalshi can list a fully regulated bitcoin perp on its exchange, while Coinbase, through its FCM, can connect US clients to deep offshore pools without forcing them into offshore corporate structures.
Under Chairman Selig and President Donald Trump, the CFTC has gradually moved away from enforcement toward more systematic offshore access to key parts of the crypto market.
Earlier this year, the CFTC and SEC jointly unveiled a new tax on crypto assets, and the SEC is preparing a broader set of rules for tokens, while Paxos recently received approval to clear US equity in blockchain rails.
