U.S. CFTC opens crypto 'perp' door with first approvals at Kalshi, Coinbase
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.
What happened
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.
The read · May 29
Long COIN into perp product launch runway — CFTC approval unlocks the highest-margin crypto product for U.S. retail, structural tailwind not yet in consensus estimates.
Wrong if
Insider 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.
CoverageSource: CoinDesk · Published here FRI, MAY 29 · 10:00 AM ET · the only report in this recordHow this is decided →
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The story1 min read
The read, in fullWhy it matters
Perp futures are the single largest revenue pool in crypto globally — Binance alone has generated billions in annualized funding fees from this product. CFTC approval gives COIN a first-mover regulatory moat in the U.S. market, and the Standard Chartered fiat expansion news (1d ago) compounds the international reach story. No sell-side consensus or price target is available to anchor upside, which limits conviction but also means estimates are unlikely to have baked in perp revenue.
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