Regulated Crypto Perpetual Futures Emerge in US Market, But Wall Street Remains Cautious

Crypto perpetual futures have entered the regulated US market, but large financial institutions remain cautious.

The Commodity Futures Trading Commission (CFTC) has approved Kalshi's launch of a regulated perpetual futures product, and Coinbase has received approval to list regulated perpetual futures in the US.

Kalshi surpassed $1 billion in trading volume within a week of its launch and has since sought approval for additional perpetual futures products tied to gold and silver.

Despite this growth, major financial institutions are waiting for market liquidity and regulatory clarity before participating aggressively. They cite concerns over capital requirements, customer-protection obligations, and reputational risk.