U.S. regulators just greenlit crypto perpetual futures — long Coinbase as the biggest direct winner
The top U.S. derivatives regulator just cleared the way for crypto perpetual futures contracts — the most popular crypto trading product worldwide — to be offered legally on American platforms. Coinbase and Kalshi are the first in line to launch these products.
Idea
Perpetual futures are the single most-traded crypto instrument globally, but until now they've only existed on offshore exchanges like Binance and Bybit. Bringing them onshore to regulated U.S. platforms is a massive structural change — it opens up billions in new trading fees for Coinbase, which was specifically named in the CFTC's no-action letter. This isn't just a one-day headline; it's a new revenue stream that scales with volume. When exchanges add a product this popular, their stock tends to re-rate higher over weeks, not hours, as analysts model the incremental earnings.