US regulators just greenlit crypto perps — ride Coinbase higher
The top US derivatives regulator just cleared the way for crypto perpetual futures contracts to trade on American exchanges for the first time. Coinbase and Kalshi are first in line to launch these products, which until now almost entirely existed on offshore platforms.
Idea
Perpetual futures are the most heavily traded crypto product in the world, handling the majority of all crypto trading volume globally. Until now, American investors could only access them through offshore exchanges. Bringing this product onshore means Coinbase — already a trusted, regulated US platform — can capture a huge new revenue stream almost overnight. Coinbase was specifically named in the CFTC's no-action letter, giving it first-mover advantage. When exchanges add high-volume new products, their stock tends to rally in the weeks that follow as investors price in future trading fees.