US just greenlit crypto futures trading — Coinbase is the biggest winner
America's top derivatives regulator just said crypto perpetual futures — the most popular crypto trading product in the world — can now be offered on US-based, regulated platforms. Coinbase is already moving to launch them.
Idea
Perpetual futures are the most heavily traded crypto product globally — they handle more volume than spot Bitcoin itself. But until now, they've only existed on offshore, unregulated exchanges. Bringing them to regulated US platforms creates an entirely new revenue stream for Coinbase, which is already positioning itself as a first-mover. Crucially, Coinbase earns fees on every trade regardless of whether crypto goes up or down, so this bet works even if Bitcoin keeps struggling. This is a structural change to Coinbase's business, not just a crypto-price bet.