The U.S. Commodity Futures Trading Commission (CFTC) signaled growing acceptance of crypto derivatives by approving perpetual futures linked to the spot price of Bitcoin for prediction-markets operator Kalshi and taking a no-action position for Coinbase around similar products. Kalshi said it will launch the new perpetual futures on its platform, a step toward operating more like a traditional derivatives exchange.
In its approval order the CFTC said it relied on Kalshi’s submissions and analysis of the BTCPERP contract’s terms, the characteristics of the underlying market, and the contract’s compliance with the Commodity Exchange Act and the Commission’s core principles for designated contract markets.
Perpetual futures, or “perps,” let traders speculate on crypto prices without owning the underlying tokens. The agency’s moves for Kalshi and the no-action posture for Coinbase represent a shift toward regulatory accommodation of crypto-linked derivatives in the U.S. Coinbase’s chief legal officer described the CFTC’s steps as a significant industry milestone; Coinbase has already rolled out stock perpetual products for non-U.S. clients.
Separately, the CFTC issued guidance distinguishing which derivatives markets may be suitable for round-the-clock trading. The agency said derivatives referencing crypto assets could be a good fit for 24/7 trading, clearing, and settlement because of their digital infrastructure and global reach. By contrast, the CFTC noted that many traditional markets — for example, agricultural products — have unique customer bases, regional dynamics, and other features that make continuous trading less appropriate.
The move comes as other market operators also explore extended trading hours for crypto products; for example, CME Group has announced plans for 24/7 crypto futures trading, subject to regulatory review.
The regulatory developments unfolded against a backdrop of jurisdictional disputes over prediction markets. President Donald Trump publicly backed CFTC Chair Michael Selig and the agency’s claim to exclusive jurisdiction under the Commodity Exchange Act as several states pursue lawsuits seeking to limit or ban certain prediction-market platforms. Selig is currently the CFTC’s chair and its sole commissioner on a five-member panel; no additional commissioner nominations had been announced as of the agency’s announcements.
These actions indicate a more permissive posture from the CFTC toward crypto derivatives, while also acknowledging that suitability for continuous trading depends on the market and product in question. Readers should verify details independently and follow official CFTC releases for the authoritative record.