The Commodity Futures Trading Commission approved KalshiEX’s bitcoin perpetual contract on May 29, making it the first such product on a U.S.-registered exchange. The product, BTCPERP, hit about $1 billion in notional volume during its first week — a sign that retail and institutional demand for crypto derivatives on regulated venues is real.
Why the CFTC signed off
KalshiEX, a CFTC-registered exchange that previously focused on event contracts, got the green light to list a perpetual futures contract tied to bitcoin. Perpetuals — popular offshore — don’t expire and use funding rates to stay near spot price. The CFTC’s decision opens a door for U.S. traders to access a product that’s long been available only via non-U.S. platforms like Binance or Bybit. The move also signals the agency’s willingness to expand crypto derivatives under its existing regulatory framework.
Coinbase and CME follow the thread
Separately, the CFTC issued a no-action position allowing Coinbase Financial Markets — registered as a futures commission merchant — to route certain U.S. clients to affiliated FBOT crypto perpetuals, under conditions. That means Coinbase can offer perpetuals through its own FCM channel without running afoul of exchange rules. Meanwhile, the CME noticed initial listing of Nasdaq CME Crypto Index Futures, including Micro-sized contracts, effective June 8. The index-based product gives traditional finance another on-ramp to crypto exposure via a regulated exchange.
Banks eye tokenized deposits
The Clearing House — the banking industry’s payments infrastructure arm — is working on a tokenized-deposit clearing and settlement initiative tied to the RTP network and CHIPS. Rollout is targeted for H1 2027. The project aims to let banks issue tokenized deposits that settle in real time, potentially competing with stablecoin-based systems. If it works, it could reshape how institutional crypto flows clear in the U.S.
What’s next
KalshiEX will need to show it can handle sustained volume and avoid the kind of outages that have plagued crypto derivatives venues. The CFTC’s no-action letter for Coinbase also has conditions — the agency will be watching. The CME futures begin trading this week, and the bank tokenization project has a long runway. Each development adds a piece to the puzzle of regulated crypto markets in the U.S., but the infrastructure is still being built.
