TLDR Tech / Crypto
CFTC Approves First Regulated Crypto Perps at Kalshi and Coinbase
The CFTC approved Kalshi to list BTCPERP on its registered exchange and issued a no-action letter allowing Coinbase Financial Markets to give US clients access to perpetual futures and options through Coinbase Bermuda, establishing the first domestically regulated crypto perps in the United States. CFTC Chairman Mike Selig characterized perpetuals as a foundational price discovery tool, while Kalshi CEO Tarek Mansour described the approval as the firm's transition from prediction market operator to derivatives exchange. Neither action constitutes formal rulemaking, leaving the regulatory framework subject to revision and creating uncertainty for market participants building around these approvals. Recent perp market flash crashes have produced $1.5 million in liquidations, a data point that contextualizes the leverage risks the CFTC's onshore framework is designed to contain.
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