Overview
- The CFTC approved KalshiEX’s bitcoin-referenced perpetual contract and issued no-action relief to Coinbase on Friday, May 29, 2026, establishing a regulatory route for perpetual futures to be offered to U.S. customers.
- Kalshi said it aims to launch the BTCPERP product within roughly a month but described that timing as the company’s plan rather than a firm market commitment.
- The agency used the Regulation 40.3 / Section 5c(c)(4) review process and encouraged other exchanges to submit similar listings, creating an explicit application template for additional onshore perps.
- Regulators stressed the need for controls because perpetuals are heavily leveraged and can move fast in thin markets, noting a recent Hyperliquid flash crash that wiped about $1.5 million in notional value.
- The approvals are guidance-based rather than formal rulemaking so the policy could be changed by future leaders, but they immediately offer regulated access for institutions and retail traders who previously relied on offshore platforms.