Feds just legalized crypto perpetuals in the U.S. — long Coinbase as the new revenue stream opens up
The top U.S. derivatives regulator just cleared the way for crypto perpetual futures contracts to trade on American exchanges for the first time. Coinbase and prediction-market platform Kalshi are among the first to get the green light, bringing a hugely popular trading product that until now only existed on offshore exchanges.
Idea
Perpetual futures are the most heavily traded crypto product in the world, and until now Americans had to use offshore exchanges to access them. By letting Coinbase offer these contracts domestically, the CFTC is handing Coinbase a brand-new, high-margin revenue stream that could materially boost earnings. This isn't speculation about a product that might launch — the regulatory approval is already in hand, meaning the market will start pricing in the revenue impact quickly. When a company as central as Coinbase gets a fresh catalyst like this, the stock tends to run ahead of actual numbers.