US regulators just legalized crypto perps — Coinbase is first in line for a massive new revenue stream
US regulators just gave the green light for crypto perpetual futures contracts — a hugely popular trading product that until now only existed on offshore exchanges like Binance. Coinbase and prediction-market platform Kalshi are first in line to offer them to US customers.
Idea
Perpetual futures are the most-traded crypto product in the world, generating billions in daily volume on offshore exchanges. Until now, US investors couldn't legally access them. Coinbase being named as one of the first approved platforms means they're about to capture a brand-new revenue stream that didn't exist yesterday. This isn't a small regulatory tweak — it's like the US government letting a single company open the only casino in Las Vegas. The stock hasn't fully priced this in yet because the news just broke and most investors are still digesting what it means. This is a multi-week structural shift, not a one-day pop.