The CFTC's recent moves are quite subtle, allowing Kalshi's DCM on one hand while giving Coinbase the green light on the other, and the policy framework has been established.

The U.S. Commodity Futures Trading Commission on the same day approved Kalshi's Bitcoin perpetual contracts and issued a no-enforcement letter to Coinbase, as well as releasing the "Perpetual Contract Listing Policy Statement," establishing a compliant pathway for truly perpetual contracts in the U.S. market. Kalshi is taking the DCM route, while Coinbase is entering the U.S. market through overseas futures and crypto collateral. This will promote more assets to land and enhance the U.S.'s competitiveness in the global crypto derivatives ecosystem.