U.S. CFTC opens crypto 'perp' door with first approvals at Kalshi, Coinbase
1 min readAnalysis by AlgoThesis Editorial Desk
The story
The CFTC has granted first-ever approvals for regulated U.S. crypto perpetual futures contracts at Kalshi and Coinbase, opening a new product category that has dominated offshore volumes for years. This regulatory green light is a direct revenue expansion catalyst for COIN, which can now offer perps to U.S. retail — a product its offshore rivals have monetized aggressively.
The two-sided take
The house read
Wrong ifInsider selling pressure (10 sales, 0 buys in 30 days) suggests insiders are using the rally to exit; any broad crypto risk-off event or CFTC implementation delay would reverse today's 4.2% gap quickly. Lack of analyst coverage data makes it hard to gauge how much is already priced in.
Published read · research, not advice