Regulators just unlocked crypto perps in America — long Coinbase as the biggest winner
U.S. regulators just cleared the way for crypto perpetual futures contracts to be offered legally in America for the first time. Coinbase is one of the first platforms approved to offer them.
Idea
The CFTC just gave Coinbase and Kalshi the green light to offer perpetual futures — one of the most popular and profitable crypto trading products worldwide — to U.S. customers for the first time. This is a big deal because perps generate enormous trading fees, and until now almost all of that volume happened on offshore exchanges. Coinbase, as a publicly traded U.S. platform with the regulatory blessing to offer these products, stands to capture a chunk of that overseas volume. Regulatory clarity like this tends to re-rate a stock's growth expectations higher. The main risk is that crypto ETF outflows have been heavy recently, which could dampen overall crypto sentiment in the short term.