U.S. just legalized crypto perps — Coinbase gets first-mover advantage as billions in trading come onshore
U.S. regulators just cleared the way for crypto perpetual futures — a hugely popular trading product — to be offered legally in America for the first time. Coinbase and Kalshi are first in line to launch them.
Idea
Perpetual futures are the most-traded crypto product in the world, but until now Americans had to use offshore exchanges to access them. Bringing this onshore is a big deal — it means billions in trading volume (and fees) could flow through regulated U.S. platforms like Coinbase. This isn't just a one-day headline; it's a structural change to how crypto trading works in America. Coinbase, as the first major platform to get the green light, stands to capture a significant chunk of that new business. While Bitcoin ETFs have been bleeding lately, this regulatory win could re-ignite interest in the space.