U.S. regulators just greenlit crypto perpetuals — Coinbase is first in line to profit
The main U.S. derivatives regulator just cleared the way for crypto perpetual futures contracts to trade on American soil for the first time. Coinbase and Kalshi are specifically named as platforms that can move forward. Until now, this wildly popular trading product has only been available on offshore exchanges.
Idea
Perpetual futures are the most-traded crypto product in the world, handling trillions in monthly volume, but they've been illegal in the U.S. until now. The CFTC specifically named Coinbase as a platform that can offer them, which means Coinbase is about to unlock a massive new revenue stream from American traders who currently use offshore exchanges. This is a genuine regulatory green light — not just talk — and it catches Coinbase at a moment when its stock still has room to reprice higher. Being first to market with perpetuals onshore could be a meaningful competitive moat.