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 CFTC issued an order allowing Kalshi to offer perpetual futures in the U.S., starting with contracts tied to Bitcoin's price.

The Commodity Futures Trading Commission has now established a stance on how regulated U.S. firms can engage in crypto perpetual futures contracts.