From 'only watch' to 'really play,' the United States' crypto derivatives game has been going on for too long. Kalshi is pursuing the domestic DCM route, Coinbase is bypassing overseas + collateral, with two compliant paths running in parallel. The global competitive landscape is about to change.

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.