#TradFi交易分享挑战

The United States Approves the First Regulated Bitcoin Perpetual Contract

The U.S. Commodity Futures Trading Commission (CFTC) has approved the listing of the first regulated Bitcoin perpetual contract on a registered exchange. This means one of the most actively traded products in the crypto market is beginning to enter the U.S. regulatory framework.

Kalshi Launches Bitcoin Perpetual

The approved product is Kalshi's BTCPERP contract, with its price anchored to Bitcoin spot. CFTC Chairman Mike Selig stated that this decision fulfills the crypto market commitments he made after taking office. According to him, regulators are trying to bring trading activities that have long been offshore platforms into the U.S. compliance framework.

Bitcoin perpetual contracts have always been one of the most concentrated categories in the crypto derivatives market. Previously, such trading mainly occurred on offshore platforms like Binance, Bybit, OKX, etc., with a lack of regulated similar products in the U.S.

With Kalshi's approval to launch, related trading will be subject to U.S. regulations on customer protection, margin requirements, and market integrity standards. For U.S. traders, this provides a domestic compliant alternative; for market structure, it also shows that the U.S. aims to attract more crypto derivatives trading volume rather than continue to leave trading offshore.

Cbase Receives Conditional Exemption

In addition to product approval, the CFTC Market Participants Division also issued a no-action letter to Cbase Financial Markets. This letter allows Cbase, under certain conditions, to use customer-held digital assets and payment stablecoins as collateral for crypto derivatives trading on its affiliated platform Deribit.

CFTC staff also confirmed that some crypto perpetual contracts can be classified as foreign futures. This provides a legal pathway for Cbase to connect its U.S. futures commission merchant business with Deribit's offshore derivatives platform.

A no-action letter means that, provided the specified conditions are met, the CFTC will not take enforcement action against Cbase regarding the aforementioned collateral arrangements.

U.S. Crypto Derivatives Framework Takes Shape

Selig linked this approval to the broader direction of U.S. government crypto policy. He believes that past regulatory approaches viewed innovation as a risk, prompting U.S. companies and trading activities to move overseas; now, the goal is to bring these activities back into the U.S. market.

As a result, Kalshi's BTCPERP approval, along with the arrangements between Cbase and Deribit, constitute the first regulatory infrastructure for perpetual contract trading in the U.S. For the long-dominated offshore crypto derivatives market, this change could drive more trading, clearing, and margin activities to be concentrated within the U.S. compliance system. $MMM