CFTC approves first fully regulated Bitcoin perpetual futures contract in the US

The US Commodity Futures Trading Commission (CFTC) has approved the listing of a fully regulated Bitcoin (BTC) perpetual futures contract, according to a Friday X post by Chairman Mike Selig. The approval centers on the BTCPERP contract from Kalshi, a perpetual futures product with no fixed expiration date.

CFTC greenlights onshore Bitcoin perpetual futures market

CFTC Chairman Michael Selig described the development as "a major step forward," positioning it within broader efforts to establish the United States as a global hub for digital asset innovation.

US participants have largely been excluded or forced to access these instruments through less regulated venues, leading to fragmented liquidity and reduced competitiveness for domestic firms.

"This marks Kalshi's evolution from prediction market leader to next-gen derivatives exchange," Kalshi CEO Tarek Mansour said in a statement.

The newly approved products will operate under strict compliance requirements, including leverage controls, reporting obligations and investor protection standards.

"Today's action to onshore crypto asset perpetuals reflects the CFTC's commitment to fostering responsible innovation while ensuring that these novel products are traded on regulated exchanges that uphold customer protections and market integrity," Chairman Selig wrote.

Kalshi aims to launch crypto perpetuals for more than a dozen cryptocurrencies, pending regulatory review.

The approval builds on recent regulatory coordination between the CFTC and the Securities and Exchange Commission (SEC). In March, both agencies issued joint guidance clarifying the classification of digital assets and outlining a more coordinated oversight framework.

Coinbase receives approval to expand user access to global crypto derivatives

In a related development, the CFTC also issued guidance permitting Coinbase Financial Markets to provide clients with access to global perpetual futures and options through affiliated entities, broadening compliant avenues for participation in crypto derivatives.

Under the framework, US customers can access offshore crypto derivatives markets via a single CFTC-regulated futures commission merchant (FCM), reducing reliance on informal or unregulated channels.

"Until now, US users have been locked out of ~80% of global crypto markets (perpetual futures and options). But not anymore! Coinbase is the first and only regulated platform able to connect US users to global crypto options and perpetual futures," Coinbase CEO Brian Armstrong wrote on X.

Customers will also be entitled to major venues such as Deribit, which accounts for a significant share of global Bitcoin options open interest.

The approval is expected to pave the way for additional listings by other CFTC-registered exchanges, potentially strengthening the US position in the crypto derivatives market.