CFTC Clears The Way For Regulated Crypto, Bitcoin Perpetuals—Kalshi Moves Next

bitcoinistPublished on 2026-05-29Last updated on 2026-05-29

Abstract

The U.S. Commodity Futures Trading Commission (CFTC) announced it will allow regulated exchanges to list Bitcoin perpetual futures, creating a clearer path for these products under U.S. rules. The agency linked the move to the goal of making the U.S. a leader in crypto. In a related action, the CFTC issued a no-action letter to Coinbase, enabling its U.S. customers to access the platform's options and perpetuals. Following this regulatory shift, prediction market platform Kalshi announced plans to launch perpetual futures contracts, starting with crypto, to offer a regulated U.S. alternative to offshore platforms. Kalshi highlighted the massive growth of the offshore perpetual market and emphasized regulation as a key differentiator for its product.

The US Commodity Futures Trading Commission (CFTC) announced Friday that it is allowing CFTC-registered exchanges to list a perpetual contract tied to the market’s leading crypto, Bitcoin (BTC).

CFTC Ramps Up Crypto Perpetual Access

In its announcement, the CFTC said the move creates a clearer path for liquid Bitcoin perpetual products to operate within US rules.

The agency also framed the change as aligned with President Trump’s stated goal of cementing the United States as the world’s crypto capital, calling the availability of true perpetuals within the country a major advance.

The announcement also comes alongside a separate regulatory action: the CFTC issued a no-action letter to crypto exchange Coinbase. According to the regulator’s guidance, the letter allows Coinbase’s US customers to access the options and perpetuals the company already offers.

Coinbase Chief Legal Officer Paul Grewal called the development a “massive first for the industry” in a post on X (Previously Twitter), saying it reflects an effort to bring “proven global products under American regulation,” which he argued is key to making the US a leading hub for crypto.

Kalshi Announces Perpetual Futures

In response to the regulatory shift, Kalshi announced Friday that it plans to launch perpetual futures contracts, beginning with crypto perpetuals. The company positioned its entry as providing US traders with a regulated alternative to offshore platforms.

Kalshi said the offshore perpetual market expanded sharply, rising from $28 trillion in annual volume in 2023 to more than $90 trillion in 2025.

The prediction market platform indicated that regulation will be the differentiator for its crypto product. The firm said funding rates will be charged every eight hours and will be visible in transaction history. It also clarified that agricultural commodity perpetuals will not be included in the initial lineup.

The 1-D chart shows the total digital asset market cap at $2.44 trillion. Source: TOTAL on TradingView.com

Featured image created with OpenArt; chart from TradingView.com

Related Questions

QWhat major regulatory move did the CFTC announce on Friday regarding Bitcoin?

AThe CFTC announced that it is allowing CFTC-registered exchanges to list a perpetual contract tied to Bitcoin (BTC), creating a clearer path for liquid Bitcoin perpetual products to operate under US rules.

QAccording to the article, what was the significance of the CFTC's no-action letter to Coinbase?

AThe no-action letter allows Coinbase's US customers to access the options and perpetuals the company already offers.

QHow did Coinbase's Chief Legal Officer, Paul Grewal, describe the CFTC's regulatory action?

APaul Grewal called it a 'massive first for the industry,' reflecting an effort to bring 'proven global products under American regulation,' which he argued is key to making the US a leading crypto hub.

QWhich company announced plans to launch perpetual futures contracts following the CFTC's move, and what was its stated goal?

AKalshi announced plans to launch perpetual futures contracts, beginning with crypto perpetuals. The company's goal is to provide US traders with a regulated alternative to offshore platforms.

QWhat key feature did Kalshi highlight as a differentiator for its upcoming crypto perpetual product?

AKalshi highlighted that regulation will be the key differentiator. Additionally, funding rates will be charged every eight hours and will be visible in transaction history.

Related Reads

Bitcoin Eyeing $60,000 Support As Iran Strikes Hammer Crypto Markets

Bitcoin faces crucial support at $60,000 following a market sell-off triggered by escalating Middle East tensions. The cryptocurrency fell 4.5% to an intraday low of $65,700, pressured by a record $1.44 billion in weekly outflows from US spot Bitcoin funds—the highest of 2026. Geopolitical events, including new US attacks on Iranian targets and reports of missile strikes in Bahrain, have fueled risk aversion, impacting oil prices and inflation fears. Technical analysis indicates Bitcoin has breached key support levels, with a close below $65,000 potentially opening a path toward the $60,000 mark. The conflict has also disrupted diplomatic ceasefire talks between the US and Iran.

bitcoinist51m ago

Bitcoin Eyeing $60,000 Support As Iran Strikes Hammer Crypto Markets

bitcoinist51m ago

A Confession from a US Stock KOL: The AI Bull Market Isn't Over, But Risks Are Looming

A self-proclaimed AI bull and US stock influencer reflects on the market. While firmly believing AI is a transformative revolution creating exponential token demand versus linear semiconductor supply, the author warns of rising risks. The current "low-PE bubble" appears resilient, fueled by strong company fundamentals and abundant post-regulatory liquidity, making it hard to oppose. However, the bull market's core premise—that hyperscalers' massive capital expenditures will be justified by soaring AI model revenues—is fragile. Key vulnerabilities are identified: the supply chain is strained and fragmented, losing the pricing control once held by giants like TSMC. More critically, leading AI models (like Anthropic's Opus) are showing signs of "cognitive decline" due to compute shortages, potentially undermining the revenue growth story. If investor faith in the model monetization cycle wavers, it could trigger a broad re-evaluation of semiconductor stocks as cyclical rather than growth assets. The author concludes that one can participate in the ongoing party but must stay vigilant, ready to exit when the music—the foundational narrative of AI revenue growth—stops.

marsbit1h ago

A Confession from a US Stock KOL: The AI Bull Market Isn't Over, But Risks Are Looming

marsbit1h ago

STRC Breaks Below $95: Why Does It Continue to Depeg? Is There Default Risk?

"STRC Falls Below $95: Why the Persistent Depegging and Is There Default Risk?" The article discusses the recent decline in the price of STRC, a perpetual preferred stock issued by Strategy (MSTR) designed to trade around a $100 par value. As of publication, STRC traded at $94.65, raising market concerns. STRC is described as a high-yield cash flow product, offering an 11.50% annual dividend paid monthly. Its "preferred" status grants it priority over common stock for dividends and in liquidation. Key reasons cited for the price depegging include: 1. **Bitcoin's Price Drop:** MSTR's assets are heavily tied to Bitcoin (BTC), which fell over 21% from its recent high, pressuring all Strategy-related products. 2. **Competitive Pressure:** Rival Strive Asset Management's similar product, SATA, offers daily dividends and has maintained its $100 par value with a ~13% yield. In response, Strategy has proposed changing STRC's dividend frequency from monthly to bi-weekly, pending shareholder vote. 3. **Technical Selling:** A break below $100 may have triggered algorithmic selling and stop-losses, exacerbating the decline. Regarding default risk, the analysis suggests it is currently low. Strategy founder Michael Saylor confirmed the June 2026 dividend rate remains at 11.50% with no cuts or suspensions. The company's massive reserve of 843,706 BTC provides a significant backstop for its obligations. Industry opinions are mixed. Some analysts view the BTC holdings as reliable support for dividends, while critics like Peter Schiff warn of potential dividend cuts leading to price crashes and lawsuits. Others highlight inflation risk and the company's ability to reduce dividends without a formal default. In summary, STRC's drop is attributed to BTC volatility, competition, and technical factors. While immediate default risk appears contained, the product faces challenges from market conditions and competitive dynamics.

marsbit1h ago

STRC Breaks Below $95: Why Does It Continue to Depeg? Is There Default Risk?

marsbit1h ago

AI Trading Cools, South Korean Stocks Plunge 1.8%, Spot Gold Rises 1%, Bitcoin Dives

A sell-off in AI-related stocks, triggered by Broadcom's disappointing earnings forecast, sent shockwaves through global markets. South Korea's KOSPI led Asia's decline, plunging 1.8% as the risks from concentrated chip stock gains and surging leveraged investments came to the fore. The tech-heavy Nasdaq 100 futures fell 0.5% following Broadcom's 14% after-hours plunge, which signaled a slower-than-expected transition to AI clients. This pullback extended Wall Street's weakness, halting the S&P 500's nine-day rally amid hawkish Fed signals and renewed Middle East tensions. South Korean authorities convened an emergency meeting, pledging "immediate measures" against market volatility and warning of record-high stock margin debt. The adjustment rippled across assets: Bitcoin fell to around $64,000, its lowest since February, while safe-haven gold rose 1% on bargain hunting. Oil prices dipped on Middle East ceasefire news. Market analysts noted the sell-off was driven by profit-taking after massive gains, particularly in chip stocks like Samsung and SK Hynix, which now dominate the KOSPI. Wall Street banks are divided on Korea's outlook, with Goldman Sachs raising its target while Citigroup and others warn of overvaluation and a potential bubble. Bridgewater's Ray Dalio noted that great technological shifts often create bubbles. Meanwhile, Fed officials' hints at potential future rate hikes added to the cautious mood ahead of key U.S. jobs data.

华尔街日报2h ago

AI Trading Cools, South Korean Stocks Plunge 1.8%, Spot Gold Rises 1%, Bitcoin Dives

华尔街日报2h ago

Trading

Spot
Futures

Hot Articles

What is $BITCOIN

DIGITAL GOLD ($BITCOIN): A Comprehensive Analysis Introduction to DIGITAL GOLD ($BITCOIN) DIGITAL GOLD ($BITCOIN) is a blockchain-based project operating on the Solana network, which aims to combine the characteristics of traditional precious metals with the innovation of decentralized technologies. While it shares a name with Bitcoin, often referred to as “digital gold” due to its perception as a store of value, DIGITAL GOLD is a separate token designed to create a unique ecosystem within the Web3 landscape. Its goal is to position itself as a viable alternative digital asset, although specifics regarding its applications and functionalities are still developing. What is DIGITAL GOLD ($BITCOIN)? DIGITAL GOLD ($BITCOIN) is a cryptocurrency token explicitly designed for use on the Solana blockchain. In contrast to Bitcoin, which provides a widely recognized value storage role, this token appears to focus on broader applications and characteristics. Notable aspects include: Blockchain Infrastructure: The token is built on the Solana blockchain, known for its capacity to handle high-speed and low-cost transactions. Supply Dynamics: DIGITAL GOLD has a maximum supply capped at 100 quadrillion tokens (100P $BITCOIN), although details regarding its circulating supply are currently undisclosed. Utility: While precise functionalities are not explicitly outlined, there are indications that the token could be utilized for various applications, potentially involving decentralized applications (dApps) or asset tokenization strategies. Who is the Creator of DIGITAL GOLD ($BITCOIN)? At present, the identity of the creators and development team behind DIGITAL GOLD ($BITCOIN) remains unknown. This situation is typical among many innovative projects within the blockchain space, particularly those aligning with decentralized finance and meme coin phenomena. While such anonymity may foster a community-driven culture, it intensifies concerns about governance and accountability. Who are the Investors of DIGITAL GOLD ($BITCOIN)? The available information indicates that DIGITAL GOLD ($BITCOIN) does not have any known institutional backers or prominent venture capital investments. The project seems to operate on a peer-to-peer model focused on community support and adoption rather than traditional funding routes. Its activity and liquidity are primarily situated on decentralized exchanges (DEXs), such as PumpSwap, rather than established centralized trading platforms, further highlighting its grassroots approach. How DIGITAL GOLD ($BITCOIN) Works The operational mechanics of DIGITAL GOLD ($BITCOIN) can be elaborated on based on its blockchain design and network attributes: Consensus Mechanism: By leveraging Solana’s unique proof-of-history (PoH) combined with a proof-of-stake (PoS) model, the project ensures efficient transaction validation contributing to the network's high performance. Tokenomics: While specific deflationary mechanisms have not been extensively detailed, the vast maximum token supply implies that it may cater to microtransactions or niche use cases that are still to be defined. Interoperability: There exists the potential for integration with Solana’s broader ecosystem, including various decentralized finance (DeFi) platforms. However, the details regarding specific integrations remain unspecified. Timeline of Key Events Here is a timeline that highlights significant milestones concerning DIGITAL GOLD ($BITCOIN): 2023: The initial deployment of the token occurs on the Solana blockchain, marked by its contract address. 2024: DIGITAL GOLD gains visibility as it becomes available for trading on decentralized exchanges like PumpSwap, allowing users to trade it against SOL. 2025: The project witnesses sporadic trading activity and potential interest in community-led engagements, although no noteworthy partnerships or technical advancements have been documented as of yet. Critical Analysis Strengths Scalability: The underlying Solana infrastructure supports high transaction volumes, which could enhance the utility of $BITCOIN in various transaction scenarios. Accessibility: The potential low trading price per token could attract retail investors, facilitating wider participation due to fractional ownership opportunities. Risks Lack of Transparency: The absence of publicly known backers, developers, or an audit process may yield skepticism regarding the project's sustainability and trustworthiness. Market Volatility: The trading activity is heavily reliant on speculative behavior, which can result in significant price volatility and uncertainty for investors. Conclusion DIGITAL GOLD ($BITCOIN) emerges as an intriguing yet ambiguous project within the rapidly evolving Solana ecosystem. While it attempts to leverage the “digital gold” narrative, its departure from Bitcoin's established role as a store of value underscores the need for a clearer differentiation of its intended utility and governance structure. Future acceptance and adoption will likely depend on addressing the current opacity and defining its operational and economic strategies more explicitly. Note: This report encompasses synthesised information available as of October 2023, and developments may have transpired beyond the research period.

363 Total ViewsPublished 2025.05.13Updated 2025.05.13

What is $BITCOIN

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of BTC (BTC) are presented below.

活动图片

Top Questions