U.S. regulators just greenlit crypto perpetuals — Coinbase is the biggest winner
The main U.S. derivatives regulator just cleared the way for crypto perpetual futures contracts — a hugely popular trading product — to be offered legally on American platforms like Coinbase for the first time.
Idea
Perpetual futures contracts are the most-traded crypto product in the world, but until now they've only been available on offshore exchanges like Binance. The CFTC's decision to let Coinbase and others offer them onshore is a game-changer — it opens up a massive new revenue stream for Coinbase and brings tens of billions in trading volume back to regulated U.S. platforms. This isn't just a one-day headline; it's a structural shift in Coinbase's business model. When exchanges gain access to a popular new product category, their stock typically reaps the benefits for weeks as analysts revise revenue estimates upward.