The CFTC approved KalshiEX LLC to list BTCPERP, a spot BTC-linked perpetual futures contract, on a CFTC-registered exchange. The contract is designed to trade without a fixed expiration date, matching the structure that has made perpetuals dominant in global crypto derivatives markets. The CFTC stated the contract satisfies applicable law, agency rules, and designated contract market standards. Kalshi must operate the product under ongoing CFTC oversight. The approval creates a U.S. regulatory pathway for a market segment historically concentrated on offshore platforms. Additional products may follow as exchanges test the CFTC review process, and further CFTC actions include staff interpretation and no-action positions related to covered crypto perpetual offerings.
"Perpetuals account for a significant share of global crypto derivatives activity, yet the products have largely remained outside U.S. regulated markets. The order establishes a domestic framework for a market segment that has historically been concentrated on offshore trading platforms. On May 29, the CFTC's actions extended beyond Kalshi's approval. Staff issued an interpretation and no-action position tied to Coinbase Financial Markets Inc.'s plan to offer covered crypto perpetu"
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