The US's first regulated Bitcoin perpetual contract has been approved, Kalshi to launch BTCPERP

BlockBeats News, May 29th, the U.S. Commodity Futures Trading Commission (CFTC) announced the approval of the KalshiEX to launch the BTCPERP contract, becoming the first regulated Bitcoin perpetual contract product in the United States. The product is a perpetual contract with the Bitcoin spot price as the reference index and is classified as a futures contract. Kalshi submitted the application on May 29th in accordance with CFTC regulatory rules.

The CFTC stated that after review, the BTCPERP contract was found to comply with the Commodity Exchange Act and related regulatory requirements, including the core principles applicable to designated contract markets (DCMs). The CFTC also noted that perpetual contract design may not necessarily be suitable for all asset classes and encouraged market participants to communicate with regulatory authorities regarding perpetual contract products for other assets and to apply for listing through the formal approval process.

Meanwhile, the CFTC issued a letter to Coinbase on the same day stating that no enforcement action would be taken, allowing Coinbase to offer certain perpetual futures products to U.S. customers through its subsidiary, Coinbase Financial Markets. These products will be routed through Coinbase Bermuda and considered as "foreign futures." The CFTC also permitted customers to use digital assets such as Bitcoin, Ethereum, and stablecoins as margin collateral.

CFTC Chairman Mike Selig stated that perpetual contracts are an important risk management and price discovery tool in the global crypto asset market, and the introduction of true perpetual contracts in the United States is a crucial step in driving the United States to become a global crypto center. He mentioned that the CFTC has established a viable regulatory framework for crypto asset perpetual contracts and will restrict excessive leverage, market volatility, and systemic risk. However, the CFTC's current regulatory position has not yet formed formal rules and may be adjusted in the future as regulatory policies evolve.