Regulated Perpetual Futures Arrive in US, Threatening Offshore CFD Brokers
The US has welcomed regulated perpetual futures contracts this summer, marking a significant shift in the crypto derivatives market. The Commodity Futures Trading Commission (CFTC) approved the first onshore Bitcoin perp contract on May 29th, paving the way for other exchanges to follow suit.
Kraken launched CFTC-regulated perpetuals on June 15th, covering nine assets including BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC, and AVAX. Coinbase won clearance to route US institutional clients to global derivatives the same day.
Regulators have long tolerated offshore CFD brokers due to the lack of domestic alternatives. However, with regulated venues now offering similar products with segregated custody and federal oversight, traditional brokers face a strategic decision: invest in compliant products or risk losing market share.