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The U.S. Commodity Futures Trading Commission has approved KalshiEX’s BTCPERP contract, creating a regulated U.S. path for Bitcoin perpetual futures.
The agency also issued related guidance on 24/7 trading, clearing, and settlement. The move gives U.S. venues a formal route for a crypto derivatives product that has mostly traded on offshore platforms.
May 29 Order Approves Kalshi’s BTCPERP Contract
The CFTC said on May 29 that it issued an order approving KalshiEX’s BTCPERP contract, a perpetual futures product tied to the spot price of Bitcoin. Kalshi submitted the contract under Regulation 40.3.
The CFTC said the product complies with the Commodity Exchange Act and rules that apply to designated contract markets. CFTC Chair Michael Selig described the approval as a way to bring one of crypto derivatives’ most liquid product types into the U.S. regulatory framework.
Coinbase Gets Conditional Deribit Access Route
The CFTC also issued an interpretation and no-action position involving Coinbase Financial Markets and Deribit FZE. The staff letter would allow Coinbase Financial Markets to offer certain Deribit digital commodity derivatives to U.S. customers through a regulated channel.
The letter treats covered perpetual contracts as foreign futures under CFTC rules. The staff position also covers margin arrangements with Coinbase’s affiliated foreign broker, subject to conditions. It is not a blanket approval for all crypto perpetuals or all foreign-listed products.
Future Crypto Perpetuals Still Face Case-By-Case Review
The agency made clear that other perpetual contracts will still need individual review.
A companion CFTC policy said perpetual products beyond the bitcoin order would be evaluated on a case-by-case basis. The agency also said perpetual design may not be suitable for every asset class.
24/7 Trading Guidance Favors Crypto-Linked Contracts
The CFTC’s 24/7 trading guidance said crypto-linked derivatives may be better suited to round-the-clock markets because of their digital structure and global liquidity.
Other asset classes may raise different clearing, settlement and supervision issues. That means the Bitcoin order creates a U.S. opening for crypto perpetuals, but future products beyond BTCPERP still face separate CFTC review.
