CFTC approves first U.S. bitcoin perpetual futures for Kalshi and Coinbase
The CFTC approved bitcoin perpetual futures for Kalshi and Coinbase in late May 2026, marking the first U.S. regulatory authorization for such continuously trading, non-expiring crypto derivatives on domestic regulated exchanges. Kalshi, a CFTC-regulated prediction market platform, has since expanded the offering to XRP and Chainlink perpetual futures. The approvals came as U.S. regulators broadened permissible crypto derivatives under the second Trump administration.
For Kalshi, the CFTC approvals open a second product lane beyond event contracts, but the expansion immediately drew legal and classification challenges that threaten its timing. CME is suing the CFTC to block Kalshi's structure, and a futures-versus-swaps debate has reignited over how the contracts are technically overseen.
An adverse court ruling would force Kalshi to restructure or exit perpetuals just as it pushes altcoin expansion and pursues a $40 billion valuation. The market-maker infrastructure Polymarket and Kalshi recently secured becomes critical here: institutional liquidity can tighten spreads, but only if the product survives regulatory intact.