US just legalized crypto's hottest trading product — time to accumulate Coinbase
The main US 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 the first platforms cleared to offer these products, which have until now only been available on offshore exchanges.
Idea
Perpetual futures are the most popular crypto trading product in the world — they account for the vast majority of all crypto trading volume globally — but until now Americans could only access them through offshore, unregulated exchanges. Bringing them onshore is like opening a new product category that suddenly becomes available to every US-based trader, retirement fund, and institution that was previously locked out. Coinbase is the biggest direct beneficiary because it's already a regulated US exchange and was specifically named in the CFTC's approval. This creates a brand-new, high-margin revenue stream that didn't exist yesterday. Even as Bitcoin ETFs have seen outflows recently, this structural regulatory win for Coinbase is a separate catalyst entirely.