U.S. CFTC opens crypto 'perp' door with first approval at Kalshi
1 min read
The story
The CFTC has granted its first approval for crypto perpetual futures contracts to Kalshi, a regulated prediction market platform, establishing a regulatory framework for U.S. firms to offer perp products. This opens the door for major crypto exchanges and derivatives platforms to pursue similar approvals, potentially expanding U.S. retail and institutional access to the most liquid crypto derivative product globally.
The case — both sides
The house read
Long COIN as CFTC perp approval unlocks a massive new revenue stream for U.S.-regulated crypto exchanges chasing the dominant global derivatives product.
Wrong ifCFTC approval at Kalshi may not translate cleanly to exchange-based perps — Coinbase or Kraken could face separate or slower approval processes, or the ruling could be narrowly scoped to prediction markets only, killing the read-through thesis entirely.
Published read · research, not advice