CFTC Clears First CFTC-Regulated Bitcoin Perpetual Contract for U.S. Listing

CFTC Chairman Mike Selig said the agency has approved the first "true" Bitcoin perpetual contract to be listed on a CFTC-registered exchange, a milestone for bringing perpetual crypto trading under U.S. oversight. The product, Kalshi's BTCPERP, is a perpetual futures contract tied to Bitcoin's spot price. In a separate development, CFTC staff said certain crypto perpetual contracts may be treated as foreign futures. The staff also granted no-action relief that would allow Coinbase Financial Markets, subject to specified conditions, to use customer-owned digital assets and payment stablecoins as margin for crypto derivatives trading on its affiliated platform Deribit.