The Commodity Futures Trading Commission issued notices this week affecting platforms seeking to offer cryptocurrency perpetual futures contracts, granting a no-action position for Coinbase and approving Kalshi's proposal. The twin actions signal a clearer regulatory path for crypto derivatives — but only for firms that engage with the agency early.
What the CFTC did
The notices, dated May 28, mark the first time the CFTC has laid out explicit terms for perpetual futures tied to digital assets. Perpetual futures — contracts with no expiry — have become a staple on offshore exchanges but remained in a gray zone for US-regulated firms. The agency's no-action letter for Coinbase means the exchange won't face enforcement if it meets certain conditions, while Kalshi's approval gives a green light to its proposed contract structure.
Why Coinbase went the no-action route
Coinbase applied for a no-action position rather than a formal approval, a strategy that lets the exchange move faster. The CFTC's conditions include position limits, margin requirements, and real-time reporting. The exchange has not announced a launch date, but sources say it could list perpetuals within weeks. The move puts Coinbase in direct competition with offshore venues that have dominated the product.
Kalshi's different path
Kalshi, a regulated event-contract exchange, received full approval for its perpetual futures product. That means it can list and trade without the conditional restrictions Coinbase faces. Kalshi plans to offer contracts on Bitcoin and Ether, with settlement in USDC. The CFTC's approval came after months of back-and-forth over how to classify the contracts under the Commodity Exchange Act.
The two actions effectively create a playbook for other firms. Any exchange wanting to offer crypto perpetuals now knows the CFTC is willing to engage — but expects detailed compliance plans. The agency's approach follows a pattern: no-action letters for first movers like Coinbase, full approvals for smaller, more nimble shops like Kalshi. Whether larger exchanges like Kraken or Binance.US follow remains an open question. Neither has publicly filed similar requests.
The CFTC has set a public comment period ending July 15 for any future applications. That deadline gives the industry a concrete window to weigh in — and a clear signal that the regulator is done waiting.
