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The Commodity Futures Trading Commission approved the first bitcoin perpetual futures contract on a registered U.S. exchange on Friday, clearing a product that American traders have long had to access on offshore venues.
The agency issued an Order for Approval to KalshiEX, a designated contract market, for its BTCPERP contract, a perpetual that references the spot price of bitcoin and will be listed as a futures contract, the CFTC said in a release Friday. KalshiEX is the CFTC-registered designated contract market operated by Kalshi, the prediction-market company.
The CFTC paired the order with a policy statement setting a case-by-case review process for future perpetuals. Perpetual futures, contracts that let traders take leveraged positions without an expiration date, have become the dominant form of crypto derivatives trading globally, yet have been largely unavailable on regulated U.S. exchanges. The new framework does not carry the force of a formal rule, meaning future agency leadership could change it.
