The Commodity Futures Trading Commission opened the door for crypto perpetual futures trading in the U.S. on Friday, paving the way for Coinbase Global Inc (NASDAQ:COIN) and prediction market platform Kalshi to expand into one of crypto's largest offshore-dominated markets.

The Change

The Division of Clearing and Risk, Division of Market Oversight and Market Participants Division issued a staff advisory addressing risks tied to 24/7 derivatives trading and clearing, The Block reported.

The advisory is not a formal rule change, but it signals regulatory acceptance of perpetual futures products operating under existing U.S. frameworks.

"This morning, the CFTC took historic action to permit the listing of a true bitcoin perpetual contract by a CFTC-registered exchange," CFTC Chair Michael Selig said on X.

The agency specifically approved KalshiEX LLC to list a Bitcoin perpetual futures contract called BTCPERP.

At the same time, the CFTC issued a no-action position for Coinbase Financial Markets regarding plans to offer digital commodity derivatives products.

Coinbase (NASDAQ:COIN) CEO Brian Armstrong called the development a breakthrough for American traders.

"Until now, U.S. users have been locked out of ~80% of global crypto markets," Armstrong posted on X.

Crypto Derivatives Come Onshore

The CFTC said rising interest in around-the-clock markets, blockchain infrastructure and decentralized trading systems helped drive the advisory.

Regulators also acknowledged risks tied to nonstop settlement, liquidity management and clearing operations, while arguing existing rules can support responsible innovation.

The development could significantly reshape competition between U.S.-regulated exchanges and offshore crypto platforms that have dominated perpetual futures volume for years.

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