US regulators just legalized crypto perps — long Coinbase as trading volume is about to explode
US regulators just cleared the way for a popular type of crypto trading contract — called perpetual futures — to be offered legally in America for the first time. Coinbase and Kalshi got the green light to offer them to US customers.
Idea
Perpetual futures are the most heavily traded crypto product worldwide — billions of dollars change hands every day — but until now they've only been available on offshore exchanges. The CFTC just gave Coinbase and Kalshi permission to offer them in the US, which means a huge chunk of that trading volume could shift onshore. Coinbase stands to collect significant fees from this new product. For Bitcoin itself, easier access to leveraged trading for US customers tends to boost trading activity and price volatility to the upside. Even though Bitcoin ETFs have seen recent outflows, this regulatory approval is a structural change that brings new buyers and new tools to the market.