CFTC Clears Coinbase to Offer Crypto Perpetual Contracts to U.S. Traders

On May 29, 2026, the U.S. Commodity Futures Trading Commission (CFTC) authorized Coinbase and Kalshi, a prediction market operator, to provide crypto perpetual futures contracts to U.S. traders, lifting a long-standing prohibition. Coinbase received a no-action letter from the CFTC, permitting it to facilitate products through offshore markets via Deribit, which Coinbase acquired in 2025. Kalshi was granted direct approval for a Bitcoin perpetual contract. These contracts, which account for 78% of the $85.7 trillion global crypto derivatives market, had been largely unavailable to U.S. investors through regulated avenues. CFTC Chair Mike Selig deemed the decision historic, while Coinbase CEO Brian Armstrong highlighted that U.S. users had been excluded from around 80% of global crypto markets. Institutional clients at Coinbase Financial Markets gained immediate access on May 29, with retail access anticipated later. The CFTC's policy mandates individual reviews for new asset categories, indicating continued oversight.