The U.S. Commodity Futures Trading Commission (CFTC) has approved Kalshi's listing of Bitcoin perpetual contracts on a regulated U.S. exchange. This means that for the first time, crypto perpetual products, which have long been primarily active on offshore platforms, have gained a clear channel to enter a compliant U.S. trading venue.
Kalshi approved for launch on BTCPERP
Kalshi's newly approved product is called BTCPERP. The CFTC stated that the listing and continued operation of this contract must comply with the Commodity Exchange Act and related regulations. Kalshi is primarily known for its prediction market business, and this approval indicates that it is expanding its business into the broader derivatives market.
Perpetual contracts typically do not have a fixed expiration date; as long as the margin requirements are met, the position can be held indefinitely. Compared to traditional futures, these products are closer to the 24-hour trading habits of the crypto market, and are therefore more commonly used in trading assets such as Bitcoin.
CFTC Chairman Mike Selig stated that regulators are bringing crypto asset perpetual contracts into the U.S. regulatory framework. He said this decision provides a path for one of the most liquid trading categories in the crypto market to operate within a regulated U.S. platform.
Coinbase obtains relevant regulatory access
In addition to Kalshi, the CFTC also disclosed that Coinbase Financial Markets received a letter stating that no enforcement action would be taken. Under this arrangement, certain offshore crypto futures and options products will be treated as foreign futures products.
This also allows Coinbase Financial Markets to transfer a portion of its clients' digital assets to overseas brokers as collateral for related products. Assets that can be used as collateral include Bitcoin, Ethereum, and stablecoins.
- Kalshi receives approval to launch Bitcoin perpetual contracts (BTCPERP)
- Coinbase affiliates can transfer BTC, ETH, and stablecoins as margin.
- The relevant overseas products will be treated as foreign futures products.
The United States promotes domestic compliant transactions.
The report noted that the CFTC's recent actions align with the US government's push to bring crypto trading back into the domestic regulatory framework. Trump has previously publicly supported expanding US crypto market activity and advocated for continued federal regulation of the prediction market.
The White House Office of Information and Regulatory Affairs has also begun reviewing the CFTC's proposed policy framework for prediction markets, which is expected to cover event contracts such as those for elections, sports, and betting. Meanwhile, the CFTC stated that its framework for crypto perpetual contracts will emphasize customer protection, market integrity, and minimize excessive leverage, volatility, and systemic risk.
Additional information:The article states that not issuing enforcement action letters or granting individual approvals does not equate to formal rule-making, but rather reflects the current way regulatory agencies handle related products.
