CFTC Greenlights Crypto Perpetual Contracts for US

The U.S. Commodity Futures Trading Commission issued a no-action letter covering Coinbase and granted approval to prediction market platform Kalshi, clearing both to offer cryptocurrency perpetual futures contracts under specific conditions, according to CoinTelegraph.

Why It Matters

As of June 2025, this marks one of the clearest regulatory signals yet that U.S. authorities will tolerate crypto-native derivatives structures, which have long operated predominantly offshore. Perpetual futures — contracts with no expiry date — account for the majority of crypto derivatives volume globally, per data from CoinGecko. U.S. retail and institutional traders have largely accessed these instruments through non-U.S. venues such as Binance and Bybit, accepting counterparty and legal risk in the process. Domestic approval shifts that calculus materially. The CFTC also issued a separate advisory addressing 24/7 trading operations, signaling the agency acknowledges that crypto markets do not conform to traditional exchange hours and intends to regulate accordingly.

Context

Perpetual contracts have existed in crypto since BitMEX popularised them circa 2016, but U.S. regulators consistently treated them with suspicion, citing investor protection concerns and the absence of a clear expiry-based price convergence mechanism. The CFTC's no-action position for Coinbase does not constitute full rulemaking — it limits enforcement risk while formal guidance develops. Kalshi's outright approval is more significant, as it sets a precedent for how a registered designated contract market can structure these products domestically.

What's Next

Watch for competing exchanges to file similar no-action requests or seek designated contract market status off the back of Kalshi's approval. A formal CFTC rulemaking on perpetual contracts, if initiated, would likely carry a 12-to-18-month comment and review timeline before taking effect.

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