US greenlights crypto perpetual futures for the first time — Coinbase is the big winner
The top US derivatives regulator just gave the green light for crypto perpetual futures contracts to trade on American exchanges for the first time. Coinbase is one of the first platforms approved to offer them — and these contracts are by far the most popular crypto trading product worldwide.
Idea
Perpetual futures contracts are the most heavily traded crypto instrument globally — until now, they've only existed on offshore exchanges. The CFTC just changed that by giving Coinbase and Kalshi the go-ahead to offer them in the US. This is a massive new revenue stream for Coinbase, which already runs the largest US crypto exchange. Trillions of dollars in perpetual futures volume could start flowing through regulated American platforms, and Coinbase is first in line to capture that demand. Regulatory clarity like this has historically been a major catalyst for crypto-related stocks — it removes uncertainty and unlocks institutional participation.