With CFTC approval, Kalshi's Bitcoin perpetual contracts become the first regulated perpetual product in the United States.

This is not only a product approval but also a clear statement of the regulatory framework: perpetual contracts are no longer just offshore games.
ICE CEO publicly calls for creating a fair competitive environment for on-chain perpetual contracts, and platforms like Hyperliquid have already demonstrated market demand.
CFTC guidelines also point out that crypto derivatives are more suitable for 24/7 trading due to digital infrastructure.
But compliance also means a new game: will Kalshi's product design be copied by traditional exchanges?
Once giants like ICE and CME enter the market, the liquidity advantage of existing DEXs may be offset by compliance costs.
The biggest variable is whether regulators will impose limits on leverage and liquidation mechanisms.
If compliant perpetual contracts have much lower leverage than offshore platforms, institutional funds may prefer compliant products, but will retail trading volume be lost?
This move opens a structural gap in the U.S. market, but the risk is that compliance could weaken the flexibility of the native crypto market, ultimately creating two parallel systems—compliant low-leverage and offshore high-leverage—where will funds choose?
$btc #hype #cftc #ice #cme #dex