U.S. regulators just legalized crypto perpetuals — long Coinbase as it captures a huge new revenue stream
U.S. regulators just gave the green light for crypto perpetual futures contracts — a super-popular trading product that until now only existed on offshore exchanges. Coinbase and Kalshi are among the first platforms cleared to offer them to American traders.
Idea
Perpetual futures are the most-traded crypto product in the world, but Americans have had to use offshore exchanges to access them. Bringing them onshore to regulated U.S. platforms is a big deal — it opens up a massive new revenue stream for Coinbase, which is already the largest U.S. crypto exchange. When a major exchange adds a high-margin product that customers have been begging for, trading volume and fees tend to spike. This is also a signal that U.S. crypto regulation is becoming more accommodating rather than more restrictive, which lifts sentiment across the entire sector.