On May 29, the U.S. Commodity Futures Trading Commission (CFTC) approved Kalshi, a prediction market platform, to launch the first regulated bitcoin reference rate perpetual contract (BTCPERP) in the United States. On the same day, it sent a letter to Coinbase, allowing it to list specific perpetual futures products through its registered derivatives subsidiary, CFM. This marks the first time the CFTC has provided a formal regulatory framework for truly crypto asset perpetual contracts. In a commentary article published on CoinDesk, CFTC Chairman Mike Selig described these contracts as „foundational risk management and price discovery tools in the global crypto asset market.“ He stated that his agency has now provided „an enforceable regulatory framework for genuine crypto asset perpetual contracts“ and said the move would help achieve President Trump’s goal of making the U.S. the „global cryptocurrency capital.“
Perpetual contracts are the most heavily traded derivatives in the cryptocurrency market and are typically used with leverage. Previously, they operated in a regulatory gray area within the United States and were mainly traded on offshore platforms such as Binance and OKX. Kalshi CEO Tarek Mansour said that „onshore, safe, regulated perpetual contracts will improve capital allocation and risk management for countless U.S. companies“ and described the approval as the starting point for the company’s evolution from a prediction market leader to a next-generation derivatives exchange. Strategy Executive Chairman Michael Saylor also posted on X, stating that this guidance „moves the bitcoin capital market forward“ by supporting 24-hour trading and BTC collateral applications, calling it „good news for BTC holders.“