Overview
- The CFTC approved KalshiEX LLC’s bitcoin perpetual futures and issued a policy statement plus a staff advisory to guide case‑by‑case reviews and 24/7 trading and clearing operations, opening a supervised route for perpetuals previously traded offshore.
- CME Group began 24/7 trading for its crypto futures and options and launched regulated Bitcoin volatility futures, testing around‑the‑clock execution with a weekend maintenance window and initial weekend volume reported by the exchange.
- CFTC staff issued an interpretive letter and no‑action position covering certain Deribit‑style perpetuals, which allows Coinbase Financial Markets to offer U.S. institutional clients access to those foreign contracts under specified conditions.
- Kalshi has filed to self‑certify a broad slate of perpetuals tied to a dozen altcoins and Kraken says it expects to offer CFTC‑regulated Bitcoin perpetuals to eligible U.S. institutional clients via Bitnomial within about 30 days, signaling a fast commercial race.
- Practical frictions remain: always‑on trading compresses time for margining, clearing and surveillance, public on‑chain settlement raises privacy concerns for institutions, and European regulators are considering tighter rules that could limit retail access.