US just legalized crypto perps — Coinbase gets first-mover advantage
The top U.S. derivatives regulator just cleared the way for crypto perpetual futures contracts to be offered legally on American soil for the first time. Coinbase and prediction-market platform Kalshi are among the first to get the green light.
Idea
Perpetual futures are the most popular crypto trading product in the world — until now they've only been available on offshore exchanges like Binance. Bringing them onshore to regulated U.S. platforms is a huge revenue opportunity for Coinbase, which stands to capture a big chunk of this market. Regulatory approval removes a major cloud of uncertainty that had been hanging over crypto exchanges. When a stock gets a brand-new, high-margin revenue stream blessed by regulators, the market usually re-rates it higher over the following weeks as analysts update their models.