US just legalized the most popular crypto trading product — buy Coinbase before it launches
The top U.S. derivatives regulator just said crypto perpetual futures — a hugely popular trading product that until now only existed on offshore exchanges — can now be offered on regulated U.S. platforms. Coinbase and Kalshi are already moving to launch them.
Idea
Perpetual futures are the most-traded crypto instrument in the world, generating billions in fees — but almost all of that volume has been on offshore exchanges like Binance. Bringing them onshore to regulated U.S. platforms is a genuine revenue unlock for Coinbase specifically named as a first mover. Even though Bitcoin ETF outflows have been heavy recently, this regulatory green light is a structural positive for the exchange operators themselves, independent of where crypto prices go next.