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The CFTC took a landmark step today, approving KalshiEX's BTCPERP as the first regulated 
Bitcoin perpetual futures contract listed on a CFTC-regulated U.S. exchange.
Additionally, the federal derivatives watchdog issued a no-action letter clearing a path for 
Coinbase to connect American customers to global crypto derivatives markets for the first time ever.
Commission Staff Confirms the Categorization of Certain Crypto Asset Perpetuals as Foreign Futures and Issues No-Action Letter Regarding FCM Transfers of Customer Crypto Assets to Foreign Brokers as Margin:https://t.co/mNzwFL6Wve
— CFTC (@CFTC) May 29, 2026
What's the Scoop?
- Clearing the Way: Notably, Coinbase Financial Markets' no-action letter clears the platform to route U.S. customers to Deribit, a Dubai-regulated exchange holding over +$30B in Bitcoin options open interest, through its Bermuda-based affiliate.
- Why It Matters: This routing structure is now the first CFTC-sanctioned path for American traders to access global crypto perps and options. Brian Armstrong called it opening up "roughly 80% of global crypto trading volume" that U.S. customers previously couldn't touch through regulated channels.
- Crypto as Collateral: The no-action letter also explicitly permits BTC, ETH, and GENIUS-compliant payment stablecoins to be used as margin collateral for these positions, so institutions won't need to liquidate their crypto holdings to post cash margin.
- Industry Reaction: CFTC Chairman Selig called the moves "historic action" delivering on commitments he made in his first public remarks as chair. The
Hyperliquid Policy Center welcomed the approvals but flagged that this emerging framework needs to eventually extend beyond CEXes to onchain protocols, too.
Zooming Out:
HYPE hit a new all-time high above $66 today on the news, which is unsurprising considering Hyperliquid's position as the dominant onchain perps venue and the obvious tailwinds of U.S. regulatory legitimization for the category.
Yet, this is not a blanket approval of every perp venue. CLARITY still matters for turning today’s favorable agency posture into a firmer legal framework, especially for products and venues beyond Bitcoin and centralized exchanges.
David Christopher
