CFTC Approves First U.S. Regulated Bitcoin Perpetual Futures — Kalshi and Coinbase Get Green Light

On May 29, 2026, the U.S. Commodity Futures Trading Commission (CFTC) approved KalshiEX to list and trade BTCPERP — the first true bitcoin-referenced perpetual futures contract on a registered U.S. exchange. In a related action on the same day, the CFTC issued a no-action letter permitting Coinbase Financial Markets (CFM) to offer perpetual futures products to U.S. clients, routed through Coinbase Bermuda and treated as foreign futures contracts.

The approvals end a regulatory vacuum that drove the vast majority of crypto perpetual futures trading to offshore venues like Binance and Bybit. Perpetual futures — derivative contracts without expiration dates — represent the largest segment of crypto derivatives, with daily global volume regularly exceeding $50 billion.

CFTC Chairman Mike Selig called the contracts "a foundational risk management and price discovery tool in the global crypto asset markets" and framed the move as delivering on the administration's goal of making America "the crypto capital of the world." The approval includes conditions requiring Kalshi to maintain BTCPERP in compliance with the Commodity Exchange Act, and limits on excessive leverage and systemic risk.

Tarek Mansour, CEO of Kalshi, described the approval as marking "Kalshi's evolution from prediction market leader to next-gen derivatives exchange," noting that "onshore, safe and regulated perps will improve capital allocation and risk management for countless American businesses."

Coinbase chief legal officer Paul Grewal called it a "massive first for the industry." Under the CFTC's no-action letter, CFM clients can post bitcoin, ether, and stablecoins as margin collateral for the new products.

The approvals come amid broader regulatory momentum: the same week saw the SEC register Paxos as the first blockchain-native clearing agency, and SEC Chairman Paul Atkins expressed confidence the CLARITY Act could pass by July 4.