Overview
- The CFTC approved KalshiEX’s BTCPERP on May 29, allowing the first bitcoin‑referenced perpetual futures contract to list on a CFTC‑regulated exchange.
- The agency issued no‑action relief the same day that permits Coinbase Financial Markets to route U.S. clients to foreign perpetuals via Coinbase Bermuda and to post customer crypto such as bitcoin, ether and stablecoins as margin collateral.
- CFTC staff published an advisory on 24/7 trading, clearing and settlement to address risks from round‑the‑clock markets and said future perpetual approvals will be assessed case‑by‑case rather than by instant rule changes.
- The agency tied approvals to risk controls, emphasizing limits on leverage, tighter margin rules and market‑integrity safeguards to reduce volatility and flash‑crash exposures seen on offshore venues.
- The actions offer U.S. institutions and retail a regulated alternative to offshore perp markets, but they rest on orders and no‑action letters rather than codified rules so legal and policy changes could still alter the framework.