US finally allows crypto perpetual futures at home — long Coinbase on the regulatory green light
The main U.S. 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 already moving to offer these products, which until now have only been available on offshore exchanges.
Idea
Perpetual futures are the most popular crypto trading product globally, responsible for the majority of crypto trading volume — but until now Americans could only access them through offshore exchanges. Bringing this product onshore is a direct revenue opportunity for Coinbase, which is already approved to offer it. This is the kind of structural change that expands a company's addressable market overnight. While Bitcoin ETFs have seen outflows recently, this regulatory approval is about the trading infrastructure layer, not spot demand — it benefits Coinbase specifically. When a major new revenue stream opens up with regulatory clarity, the stock tends to re-rate higher over the following weeks as analysts model the new income.