U.S. just legalized crypto perpetuals — Coinbase gets a huge new revenue engine
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 among the first platforms approved to offer them.
Idea
Perpetual futures are the most popular crypto trading product in the world — but until now, they've only been available on offshore exchanges like Binance. The CFTC just changed that, clearing Coinbase and Kalshi to offer them right here in the U.S. This is a massive new revenue opportunity for Coinbase, which already has tens of millions of verified users who previously had to go elsewhere for these products. Think of it like a brokerage suddenly being allowed to offer options trading for the first time — it opens up a whole new stream of fees. The timing is also notable because it signals a softer regulatory stance toward crypto overall, which tends to lift the entire sector.