U.S. regulators just greenlit crypto perpetual futures — long Coinbase as the biggest onshore winner
The main U.S. derivatives regulator just said crypto perpetual futures — a hugely popular trading product that until now only existed on overseas exchanges — can now be offered in America. Coinbase and Kalshi are among the first platforms cleared to launch them.
Idea
Perpetual futures are the most-traded crypto product in the world, handling trillions in monthly volume — but almost all of that activity has happened on offshore exchanges like Binance. Bringing this product onshore to regulated U.S. platforms is a big deal because it opens up a massive new revenue stream for Coinbase. Think of it like a casino finally getting permission to add its most popular game. Even though Bitcoin ETFs have been bleeding lately and BTC itself is below $73,000, this particular news isn't about crypto prices going up — it's about Coinbase capturing more of the trading ecosystem regardless of which direction Bitcoin moves. That makes it a cleaner trade than simply betting on Bitcoin itself.