CFTC Clears Bitcoin Perpetual Futures for US Markets

The US Commodity Futures Trading Commission (CFTC) has cleared the way for Bitcoin perpetual futures to be traded in American markets. This move, described as 'historic action' by CFTC Chair Michael Selig on May 29, allows Coinbase and Kalshi to offer these products to US traders.

Perpetual futures are contracts with no expiration date that allow traders to speculate on asset prices without holding the underlying asset. The products have been widely used in offshore crypto derivatives markets but were not previously available through CFTC-registered venues in the US.

Coinbase CEO Brian Armstrong said that US users had been locked out of around 80% of global crypto markets, including perpetual futures and options. Kalshi founder Luana Lopes Lara described May 29's launch as the conclusion of about a year and a half of development on the perpetual futures product.

The CFTC approved KalshiEX, LLC to list a Bitcoin (BTC)-linked perpetual contract called the BTCPERP Contract, and issued a no-action stance for Coinbase Financial Markets, Inc. covering the company's plans to offer digital commodity derivatives products.