CFTC paves the way for Bitcoin perpetuals in the US: Kalshi and Coinbase at the forefront

The U.S. Commodity Futures Trading Commission (CFTC) made a regulatory milestone by allowing two major crypto market players to offer perpetual contracts (perps) on Bitcoin (BTC). Kalshi, a derivatives trading platform, received an exemption to launch its BTC perp, becoming the first U.S.-regulated platform to do so. Meanwhile, Coinbase received a no-action letter for its similar project, confirming these contracts will not be classified as securities under the current regulatory framework. These decisions reflect the U.S. authorities' intent to regulate crypto derivatives while fostering innovation, as perps already account for over 50% of total crypto trading volume, according to CryptoScore Pro. What Happened The CFTC, led by Chair Christy Goldsmith Romero, granted Kalshi permission to offer perpetual Bitcoin contracts, a first in the U.S. This New York-based platform specializes in derivatives and predictive markets. Coinbase, on the other hand, received a no-action letter for its BTC perp project, avoiding immediate regulatory blocking. These approvals come with strict safeguards: leverage limits, enhanced margin requirements, and increased oversight to prevent market manipulation. Perpetual contracts allow traders to speculate on Bitcoin’s price without an expiration date, using a funding rate mechanism that adjusts the perp’s price to the spot market. The CFTC now imposes strict limits on these rates and margin requirements to mitigate the risk of cascading liquidations, a scenario observed during the Terra (LUNA) collapse in 2022. Why It Matters The announcement had an immediate market impact: Bitcoin’s price rose by 3.2% in under 24 hours, climbing from $73,000 to $75,400, per CryptoScore Pro. Trading volumes on U.S. platforms like Coinbase and Kraken also increased by 15%, signaling renewed institutional interest. Bitcoin perps could redirect some volume from offshore exchanges, where regulations are less stringent. U.S. exchanges may capture between 10% and 15% of the perp market by the end of 2026, according to projections. This decision aligns with broader efforts by the U.S. to regain leadership in crypto regulation, after years of lagging behind the EU (MiCA) and Singapore. It could also accelerate the adoption of spot Bitcoin ETFs, currently under review by the SEC. However, perps remain highly speculative instruments, with leverage reaching up to 100x on some platforms. Poor risk management could trigger mass liquidations in a crash, as seen in 2022 with FTX or Three Arrows Capital. What to Watch June 2026 : The CFTC must publish a final framework for crypto perps, including rules on margin calls and position limits . Q3 2026 : Coinbase and Kalshi are expected to launch their BTC perps, with announcements on fees and leverage options. 2027 : Potential expansion to Ethereum (ETH) perps if the regulatory framework proves viable for Bitcoin. Market players anticipate a licensing race for crypto perps, with rumors suggesting Binance US and FTX 2.0 may submit similar applications in the coming months. Meanwhile, unregulated platforms may continue offering higher leverage, attracting traders seeking maximum returns. Future SEC intervention, which views some perps as securities , could create regulatory fragmentation and complicate compliance for exchanges.