US regulators just greenlit crypto 'perps' — Coinbase stands to win big
US regulators just gave the green light for a popular crypto trading product — perpetual futures — to be offered legally in America for the first time. Coinbase is one of the first platforms lined up to offer them, which could bring a flood of new trading revenue.
Idea
Perpetual futures are the most-traded crypto product in the world, but until now they've only been available on offshore exchanges like Binance. Bringing them onshore to regulated US platforms is a big deal — it opens up a massive new revenue stream for Coinbase, which is already the largest US crypto exchange. This isn't just a one-day headline; the revenue impact will show up quarter after quarter as traders migrate from offshore platforms. The timing is also interesting because Bitcoin ETF outflows suggest investors are rotating from passive Bitcoin exposure toward active trading products, which is exactly what perpetual futures enable.