CFTC Clears U.S. Path for Bitcoin Perpetual Futures

• The CFTC allowed KalshiEX to list BTCPERP, creating a regulated U.S. route for Bitcoin perpetual futures trading.
• Coinbase Financial Markets received a CFTC no-action position for its planned digital commodity derivatives products.
• The staff advisory gives market direction for 24/7 crypto trading, but it does not create a permanent rule.

The CFTC cleared a regulated U.S. path for Bitcoin perpetual futures through Kalshi and Coinbase. The action brings a major crypto derivatives product into domestic oversight after years of offshore activity. It also gives U.S. traders access to contracts that track Bitcoin price moves without expiry dates.

CFTC Clears Kalshi Bitcoin Perpetual Listing

The Commodity Futures Trading Commission allowed KalshiEX to list BTCPERP, a perpetual Bitcoin contract. The contract links to Bitcoin’s price and sits on a CFTC-registered exchange. 

Perpetual futures let traders take positions on price moves without owning the asset. Unlike standard futures, these contracts do not carry a set expiry date. CFTC Chair Michael Selig described the action as a historic step for domestic crypto derivatives. 

He said the agency permitted “a true Bitcoin perpetual contract” through a registered exchange. Selig said the decision charts a path for a liquid crypto market segment within U.S. rules. The product already drives large trading volumes across global crypto derivatives platforms.

Staff Advisory Frames Round-the-Clock Market Risks

The CFTC issued the decision through staff actions rather than a permanent rulemaking process. Therefore, the action gives market direction but leaves future policy changes possible. The agency did not present the advisory as a final rule or new statute. That detail keeps the current path useful, yet limited under future leadership.

Three CFTC divisions issued the advisory on trading, clearing, settlement, and market participation. Staff said blockchain technology and decentralized infrastructure have lifted demand for 24/7 trading. CFTC staff said the advisory explains risks tied to continuous trading, clearing, and settlement. Staff also said current regulations address those risks and support fair competition.

“Commission staff believes that an advisory” may help promote market robustness, responsible innovation, and competition, the agency said. The advisory also places attention on leverage, margin, and operational controls. Perpetual futures can carry leverage, so small Bitcoin moves can create sharp gains or losses. The CFTC’s position, therefore, focuses on regulated access and stronger risk management.

Coinbase Receives No-Action Position

The CFTC also issued a no-action position for Coinbase Financial Markets. The action covers its plans for digital commodity derivatives products. Coinbase CEO Brian Armstrong called the development a big day for U.S.-based traders. He said U.S. users had lacked access to much of the global crypto markets.

“Until now, US users have been locked out of ~80% of global crypto markets,” Armstrong said. He linked that gap to perpetual futures and options available through offshore venues. The approval also follows wider crypto policy activity across U.S. agencies. The CFTC and SEC have released guidance, approvals, and no-action letters for several crypto market areas.

The CFTC also oversees Coinbase, Gemini, Bitnomial, Kalshi, and Polymarket. Kraken’s recent Bitnomial acquisition added another regulated derivatives link for a major crypto exchange. The latest staff action places Bitcoin perpetual contracts on a registered U.S. venue. It also covers Coinbase’s digital commodity derivatives plans through the agency’s no-action position.