US just legalized crypto's hottest trading product — long Coinbase as first-mover winner
The top US derivatives regulator just cleared the way for crypto perpetual futures — the most popular crypto trading product worldwide — to be offered legally on American exchanges for the first time. Coinbase is among the first platforms approved.
Idea
Perpetual futures are the highest-volume crypto trading product globally, but until now they've only existed on offshore exchanges like Binance and Bybit. Bringing them onshore to regulated US platforms is a huge revenue opportunity for whoever gets there first — and Coinbase just got the regulatory green light. Think of it like when the US finally approved spot Bitcoin ETFs: the early movers captured billions in new inflows. Coinbase already has the largest US customer base, so adding this product could meaningfully boost trading fees and revenue in the quarters ahead.