CFTC opens U.S. market to crypto perpetuals with Kalshi approval

The Commodity Futures Trading Commission has cleared a path for regulated U.S. firms to offer crypto perpetual futures. The agency approved Kalshi to list BTCPERP, described as the first true bitcoin-referenced perp on a registered platform, and issued guidance letting Coinbase Financial Markets route certain perpetuals through Coinbase Bermuda as foreign futures.

The no-action letter permits CFM to post customers’ digital assets, including bitcoin, ether and stablecoins, as margin collateral for those products. Perpetual futures, or perps, let investors speculate on future price moves without an expiration date.

United States

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