CFTC no-action letter for Coinbase and Kalshi approval create a clearer U.S. framework for perpetual futures. The 24/7 trading advisory sets compliance standards for institutional crypto derivatives.
The CFTC issued notices that directly affect platforms seeking to offer cryptocurrency perpetual futures contracts. The agency granted a no-action letter to Coinbase and approved Kalshi to list perpetuals, while also publishing an advisory on 24/7 trading risks. These moves mark a concrete step in U.S. regulatory positioning on crypto derivatives.
The no-action letter means the CFTC will not recommend enforcement action against Coinbase for offering perpetual futures to eligible contract participants. This removes a key legal uncertainty for the largest U.S. crypto exchange. Coinbase had previously pushed into offshore derivatives through its Bermuda subsidiary. The domestic no-action position gives it a clearer path to serve institutional clients within U.S. jurisdiction.
The letter does not constitute a formal rule change. It is a case-specific enforcement discretion. The CFTC is willing to accommodate crypto perpetuals under existing commodity derivatives frameworks, provided platforms meet certain risk management standards. That is a meaningful shift from the agency's earlier posture, which left perpetuals in a regulatory gray zone.
Kalshi, a CFTC-regulated exchange focused on event contracts, received approval to list perpetual futures. Kalshi operates under a different market structure than traditional futures exchanges. The approval suggests the CFTC is open to multiple venue types offering perpetuals, not just established players like CME.
The accompanying advisory on 24/7 trading addresses the operational risks of markets that never close. Perpetual futures trade around the clock, unlike traditional futures with fixed settlement times. The advisory likely covers margin management, system resilience, and price continuity during off-hours. For platforms, this creates a compliance baseline that may raise operational costs while also providing regulatory clarity.
The combined actions create a clearer framework for institutional crypto derivatives in the U.S. Perpetual futures are the most traded product in crypto markets globally. U.S. firms have largely accessed them through offshore entities. The CFTC's stance could bring volume back onshore, benefiting regulated exchanges and brokers.
For Coinbase, the no-action letter reduces regulatory risk around its derivatives ambitions. The company already operates a crypto derivatives platform outside the U.S. through Coinbase Financial Markets. A domestic perpetuals offering would let it compete directly with offshore venues like Binance and Bybit for institutional flow.
For Kalshi, the approval opens a new product line beyond event contracts. Kalshi's market structure may appeal to traders looking for a fully regulated alternative to crypto-native exchanges. The 24/7 advisory will apply equally to both platforms, meaning any new entrant must meet those standards.
The broader implication is that the CFTC is moving toward a permissive yet structured approach to crypto perpetuals. This contrasts with the SEC's more adversarial stance on spot crypto products. The divergence between the two agencies remains a key risk for the industry. The CFTC's actions provide a concrete path for derivatives.
The immediate question is whether other exchanges, such as Kraken or Bitstamp, will seek similar no-action relief. If the CFTC grants multiple letters, the market could see a wave of domestic perpetuals listings. The advisory on 24/7 trading will also shape how platforms design their risk systems. Traders should watch for the CFTC's next public statement on margin requirements for perpetuals. That will determine how much leverage is available under U.S. rules.
For related analysis, see our crypto market analysis and profiles on Bitcoin (BTC) and Ethereum (ETH). The CFTC's move also connects to earlier developments like Coinbase unlocking offshore derivatives for U.S. institutions.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.