CFTC nod for Bitcoin Perpetual Futures, Kalshi becomes first product to be listed

In a significant development, the United States has opened the door to regulated bitcoin perpetual futures trading on domestic soil for the first time, with the Commodity Futures Trading Commission (CFTC) approving KalshiEX to list the product on Friday.

Commenting on the development, Kalshi CEO Tarek Mansour said, “This marks Kalshi’s evolution from prediction market leader to next-gen derivatives exchange,” he said.

CFTC Chairman Michael Selig called the development “a major step forward,” framing it as part of a wider push to position the United States as a global hub for digital asset innovation. “Today’s action to onshore crypto asset perpetuals reflects the CFTC’s commitment to fostering responsible innovation while ensuring that these novel products are traded on regulated exchanges that uphold customer protections and market integrity,” Selig wrote.

The product at the center of the approval is Kalshi’s BTCPERP contract, a perpetual futures instrument with no fixed expiration date. Until now, perpetual futures have dominated crypto derivatives trading globally but remained largely out of reach for US participants through regulated domestic channels, pushing traders toward offshore or less regulated venues and fragmenting liquidity for domestic firms. Kalshi is the first company in US history to offer the product on a regulated domestic exchange.

The newly approved contracts will operate under strict compliance requirements covering leverage controls, reporting obligations, and investor protection standards. The CFTC’s order requires Kalshi to maintain compliance with rules enforced under the Commodity Exchange Act. Kalshi is also aiming to expand crypto perpetuals coverage to more than a dozen cryptocurrencies, subject to further regulatory review.

Meanwhile, the CFTC issued a policy statement and two no-action letters on Thursday alongside the approval. One of those letters permits Coinbase Financial Markets to give US customers access to perpetual futures and options through its Dubai-based derivatives exchange Deribit.

The letter also addresses how US brokers can offer clients access to perpetual contracts listed on foreign venues. Under the framework, US customers can access offshore crypto derivatives markets through a single CFTC-regulated futures commission merchant, reducing dependence on unregulated channels.

The approvals build on joint guidance issued in March by the CFTC and the Securities and Exchange Commission(SEC), which clarified the classification of digital assets and laid out a more coordinated oversight framework between the two regulators.