US greenlights crypto perps for the first time — Coinbase stands to win big
The main US derivatives regulator just gave the green light for crypto perpetual futures contracts to trade on American soil for the first time. Coinbase and Kalshi are the first platforms approved, bringing a massive offshore trading product into regulated US markets.
Idea
Perpetual futures contracts account for trillions of dollars in daily crypto trading volume globally, but until now almost all of that activity has happened on offshore exchanges. The CFTC just changed that by approving Coinbase and Kalshi to offer perps in the US. This means Coinbase is about to capture a huge new revenue stream from American traders and institutions who have been waiting for a regulated way to access these products. Regulatory approvals like this are rare one-time catalysts that tend to re-rate a stock higher over weeks, not days.