The U.S. crypto market could be entering a major new phase after regulators signaled support for Bitcoin perpetual futures products tied to regulated exchanges.
According to the Commodity Futures Trading Commission (CFTC), the contracts will be routed through Coinbase Bermuda and classified as foreign futures products. At the same time, the agency issued no-action relief allowing Coinbase Financial Markets to accept digital assets such as Bitcoin, Ether, and stablecoins as margin collateral for eligible users.
The announcement arrived only days after U.S. President Donald Trump publicly defended crypto perpetual futures on Truth Social.
Trump argued that previous regulators had driven innovation overseas by taking an aggressive stance against digital assets and crypto trading products.
“Gary Gensler and the ‘Anti-Crypto Army’ nearly destroyed the American crypto industry by driving Bitcoin, crypto perpetuals, and innovation offshore,” Trump wrote, while claiming his administration reversed the trend.
Perpetual futures are popular in global crypto markets because they allow traders to speculate on price movements without expiration dates. However, these products are also known for high leverage, which can dramatically increase both profits and losses during periods of market volatility.
The regulatory shift comes as Kalshi continues expanding beyond prediction markets while also facing mounting legal and political scrutiny.
Earlier this month, Kalshi filed a federal lawsuit against the state of Minnesota in an effort to stop a new law that would ban prediction market platforms from operating in the state beginning Aug. 1.
In its complaint, Kalshi argued that the Commodity Exchange Act gives the CFTC exclusive authority over event contracts and claimed Minnesota’s legislation improperly interferes with federally regulated exchanges.
The legal battle followed another lawsuit involving the CFTC and Minnesota. As previously reported by crypto.news, the regulator described the state’s proposal as one of the strongest attempts by a state government to restrict federally regulated prediction markets.
At the same time, Kalshi has been increasing its influence in Washington through a newly launched advocacy organization called Americans for Fair Markets.
The group is backed by Kalshi and includes former White House deputy chief of staff Taylor Budowich as a strategic advisor.
According to the organization, its policy priorities include stronger know-your-customer rules, insider trading restrictions, full CFTC funding, and limits on contracts tied to war, death, terrorism, and assassination-related events.
The latest developments highlight how crypto derivatives and prediction markets are rapidly becoming central issues in the broader debate around digital asset regulation in the United States.
As regulators soften their approach toward certain crypto products, companies are moving quickly to expand offerings that were once largely available only through offshore exchanges.
Also read : Coinhouse Secures Rare MiCA License in France
