The US Commodity Futures Trading Commission has cleared the way for regulated exchanges to list Bitcoin perpetual contracts—a move that could pull billions in trading volume back from offshore platforms. The CFTC issued a no-action letter to Coinbase this week, allowing the exchange to offer options and perpetuals to US customers. Separately, Kalshi said it will launch its own crypto perpetuals, starting with Bitcoin, giving American traders a regulated alternative to the largely unregulated offshore market that now sees more than $90 trillion in annual volume.
Coinbase gets the green light
Coinbase Chief Legal Officer Paul Grewal called the CFTC's no-action letter a 'massive first for the industry.' The letter means Coinbase can extend products it already offers abroad to its US client base. The exchange did not immediately announce a launch date, but the regulatory clearance removes the main legal barrier that kept perpetuals—a staple of crypto trading—off limits to American retail investors.
Kalshi's regulated perpetuals
Kalshi, a CFTC-registered exchange that started with event contracts, said it will launch perpetual futures contracts starting with crypto. The company pointed to the explosive growth of the offshore perpetual market, which ballooned from $28 trillion in annual volume in 2023 to more than $90 trillion in 2025. Kalshi said its crypto perpetuals will charge funding rates every eight hours and show the fees in transaction history. Agricultural commodity perpetuals are not in the initial lineup, though Kalshi has not ruled them out later.
Aligning with Trump's crypto push
The CFTC framed the change as part of President Trump's goal to make the US the world's crypto capital. The no-action letter and Kalshi's announcement suggest the regulator is willing to let exchanges compete directly with offshore venues that have dominated perpetuals trading for years. The timing matters: US crypto firms have been calling for clearer rules, and this is one of the clearest signals yet that the CFTC intends to be the primary crypto regulator.
Coinbase has not said when its new products will go live. Kalshi said its crypto perpetuals will launch 'in the coming weeks.' The CFTC's move leaves open questions about how the agency will oversee leverage and margin requirements, and whether other exchanges like Kraken or Bitstamp will seek similar no-action relief. For now, the US perpetual market has a starting line—and two exchanges just stepped up to it.
