The US Commodity Futures Trading Commission (CFTC) recently approved perpetual futures contracts pegged to Bitcoin’s spot price, authorizing the prediction markets platform Kalshi to offer such derivatives. This approval signals a notable endorsement by the regulator for crypto-related futures products, allowing investors to speculate on Bitcoin price movements without holding the actual asset.
Kalshi’s launch of these perpetual contracts places it closer to operating as a full derivatives exchange. The CFTC’s authorization was granted after reviewing Kalshi’s detailed submission, which demonstrated compliance with the Commodity Exchange Act and CFTC regulations, including core principles governing designated contract markets. Alongside Kalshi’s approval, the agency adopted a no-action stance for Coinbase, enabling both platforms to expand crypto derivatives trading under US regulatory oversight.
This development marks a significant regulatory milestone, with Coinbase’s legal leadership describing the move as a breakthrough for the industry. The exchange had previously launched stock perpetual futures targeted at non-US customers, broadening its derivatives offerings. Meanwhile, the CFTC issued a separate advisory acknowledging that cryptocurrency derivatives, owing to their digital infrastructure and global user base, may be particularly well-suited for continuous 24/7 trading, clearing, and settlement—unlike traditional markets such as agricultural commodities that are constrained by regional and customer-specific factors.
The concept of perpetual futures, or “perps,” has gained traction for enabling continuous crypto price exposure without expiry dates, appealing to retail and institutional traders alike. The CFTC’s recognition of these products and round-the-clock trading reflects growing acceptance of the unique attributes of digital asset markets.
In related industry moves, CME Group announced plans to introduce 24/7 crypto futures trading, pending regulatory approval. The expansion of around-the-clock trading platforms addresses increasing demand for flexible access to crypto derivatives worldwide.
On the regulatory front, US President Donald Trump publicly supported the CFTC’s authority over prediction markets, reinforcing Chair Michael Selig’s assertion of exclusive federal jurisdiction amid several state-level challenges. Despite the Commission traditionally comprising a bipartisan five-member panel, no new commissioner appointments had been announced at the time of the CFTC notices.