The U.S. regulator has granted Kalshi direct approval to launch perpetual BTCPERP futures contracts based on the spot price of BTC. Previously, similar products in the U.S. had already been traded on Coinbase, but those were launched through a self-certification process without direct regulatory approval and had a fixed expiration date.
At the same time, the CFTC resolved two related issues: it confirmed the legal status of certain Deribit perpetual futures as foreign under U.S. law and issued Coinbase a no-action letter regarding margin requirementsâthat is, it promised not to impose sanctions if the exchange, while complying with certain conditions, transfers client crypto assets to an affiliated foreign broker as collateral.
The approval for BTCPERP does not automatically extend to other cryptocurrencies; the regulator will review each new product separately.