The US Commodity Futures Trading Commission has brought Bitcoin perpetual futures under domestic regulatory oversight for the first time, approving KalshiEX LLC to list a BTCPERP contract as a regulated futures product on its designated contract market. Separately, Coinbase Financial Markets received staff-level relief enabling access to certain Deribit perpetual products. The dual approvals shift Bitcoin perps from a largely offshore, unregulated instrument into a supervised US framework, a significant structural change for institutional and retail participants seeking compliant exposure. However, the classification of these contracts as futures rather than swaps carries specific margin, reporting, and clearing implications that could shape liquidity and adoption. How market participants respond to those regulatory constraints may ultimately determine whether the US venue can compete with established offshore perpetuals markets.
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