US regulators just unlocked crypto perpetual futures — grab Coinbase before the revenue hits
The top U.S. derivatives regulator just gave the green light for crypto perpetual futures contracts to trade on American exchanges for the first time. Coinbase and Kalshi are first in line to offer these products, which have until now only been available on overseas platforms.
Idea
Perpetual futures are the most popular crypto trading product in the world, handling more volume than spot trading on many days — but until now Americans could only access them through offshore exchanges. Bringing them onshore to regulated platforms like Coinbase is a structural shift that could unlock billions in new trading volume and fee revenue. Coinbase is named directly in the CFTC's no-action letter, putting it first in line to capture that revenue. This kind of regulatory clarity has historically been a major catalyst for crypto exchange stocks because it removes the biggest cloud hanging over their business model. Even though Bitcoin ETFs have been bleeding outflows recently, this is a different catalyst entirely — it's about trading infrastructure, not spot demand.