PolicyShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailCFTC Approves First Regulated Bitcoin Perpetual Futures at Kalshi and Coinbase
The CFTC has defined guidelines for how regulated American firms can participate in crypto perpetual futures contracts.
By Jesse Hamilton|Edited by Nikhilesh DeUpdated May 29, 2026, 2:50 p.m. Published May 29, 2026, 2:00 p.m. 4 min readMake preferred on
Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission, has approved the initial regulated bitcoin perpetual futures contracts within the U.S. (Jesse Hamilton/CoinDesk)Key Points:
- The U.S. Commodity Futures Trading Commission has authorized bitcoin perpetual futures contracts on Kalshi’s regulated exchange, a first for the country.
- Additionally, the CFTC has permitted a Coinbase affiliate to facilitate access to global options and perpetuals for its customers.
- CFTC Chairman Mike Selig described this as a "significant advancement" in establishing regulations to enhance the U.S. crypto sector.
In this article
USDTUSDT$0.9986◢0.02%According to the CFTC's announcement, U.S. crypto companies can now offer perpetual futures contracts, or "perps," without violating regulations, following the first approval for Kalshi to trade U.S. bitcoin perpetuals.
In a related decision, the agency provided guidance allowing Coinbase Financial Markets to connect U.S. clients to global options and perps, thus accessing the largest existing markets.
Perpetual futures are derivatives that let investors speculate on the future price of a cryptocurrency without a set expiration date, allowing indefinite holding. With this initial endorsement on a registered platform, the CFTC opens the door for U.S. firms to enter the lucrative and popular crypto perps market, which has been more actively pursued outside the U.S.
The CFTC has approved Kalshi to offer the first bitcoin-referenced perp, BTCPERP, stating that Kalshi must comply with all relevant provisions of the Commodity Exchange Act. While Kalshi is primarily recognized as a prediction markets platform, it has been broadening its operational scope.
Tarek Mansour, CEO of Kalshi, remarked, "This signifies Kalshi’s transformation from a leader in prediction markets to a next-generation derivatives exchange," in a statement on the company’s website, indicating that regulated perps will enhance capital distribution and risk management for numerous American enterprises.
In a letter to Coinbase on the same day, the CFTC indicated it would allow certain perpetual futures products that Coinbase plans to introduce through its CFM subsidiary, which will channel these products via Coinbase Bermuda, categorizing them as "foreign futures." This no-action letter enables CFM to use customers' digital assets (including bitcoin, ether, and stablecoins) as margin collateral.
Paul Grewal, Coinbase's chief legal officer, described the approval as a "huge milestone for the industry" in a post on social media.
The CFTC's announcements coincided with a recent post from former President Donald Trump, who claimed that prior regulatory actions had "nearly DESTROYED the American Crypto Industry" but asserted that his administration had "SAVED IT."
Mike Selig, the CFTC chairman appointed by Trump, emphasized that these contracts serve as "essential tools for risk management and price discovery" in the global crypto markets.
Selig stated, "Establishing genuine perpetual contracts in the U.S. is a major advancement toward fulfilling President Trump’s vision of making America the global hub for cryptocurrency," as he outlined in an opinion piece published on CoinDesk. He indicated that the agency is now offering a "functional framework for authentic crypto asset perpetual contracts."
Perps, often leveraged, can yield significant returns from even slight price fluctuations in assets like bitcoin BTC$73,565.90 and Ethereum's ether (ETH), but they also carry the risk of substantial losses, making them a volatile choice for investors.
Selig previously noted in March that he aims to rectify the damage done by the previous U.S. administration, which he claimed had driven many firms and liquidity offshore. Other crypto-native exchanges under CFTC oversight include Bitnomial (recently acquired by Kraken) and Gemini, in addition to Kalshi's prediction market competitor, Polymarket.
Selig stated that the agency's approach to perps will "mitigate excessive leverage, volatility, and systemic risk."
However, perpetuals also pose risks, as demonstrated by a recent incident involving a crypto perpetual contract related to SpaceX, which experienced a flash crash that resulted in $1.5 million in losses within 30 minutes due to one large position affecting the market's low liquidity.
The CFTC's new policy does not yet constitute a formal regulation. The CFTC and the Securities and Exchange Commission are actively shaping crypto policy with new statements, no-action letters (like the one sent to Coinbase), approvals, and guidance outlining their current views on various industry aspects. However, these policies can easily be reversed by future agency leaders until they are established as formal regulations or new laws.
In March, both agencies released significant guidance offering their definitions for categorizing various crypto assets, establishing how they would be regulated and by whom, and outlining standards for how a crypto security could transition out of that classification as it develops.
The SEC is also preparing to announce a comprehensive new crypto policy aimed at facilitating the tokenization of securities by providing temporary exemptions from registration for digital asset innovations. This initiative, a key project for SEC Chairman Paul Atkins, is intended to encourage crypto activities while awaiting more permanent legislation from Congress.
Read More: CFTC chief Selig to clear path for U.S. perpetual futures in coming weeks
UPDATE (May 29, 2026, 14:17 UTC): Includes the identification of the approved firm, Kalshi, and no-action guidance involving Coinbase.
UPDATE (May 29, 2026, 14:30 UTC): Adds comments from Kalshi.
UPDATE (May 29, 2026, 14:44 UTC): Includes details and remarks from Coinbase.
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