Topic
CFTC treatment of crypto-native contracts, including the approval of Kalshi's Bitcoin perpetual futures and how such products are classified relative to listed options.
CFTC staff let Coinbase Derivatives and Bitnomial strip expiry dates from 38 crypto futures, under relief that lapses on June 30. Only contracts on assets with deep spot markets qualify, so the underlying assets decide how many of the 38 convert.
Reality
Coinbase won CFTC registration for its own clearinghouse on September 28, ten months after applying, covering only fully collateralized contracts. Its margined book and planned stock perpetuals still clear through partners, so the leveraged trading that dominates crypto volume stays outside.
Perspective Coverage
6 publishersReality
Coinbase won CFTC registration on September 28 for its own clearinghouse, limited to fully collateralized futures, options on futures and swaps. Its margined business and planned single-stock perpetual futures will keep clearing through outside partners.
Reality
A comment letter argues a perpetual on a single US stock is just a security future without an expiry date, which would make the offshore equity-perp market a filing problem rather than a legislative one. CME says they are swaps.
Reality
A Cboe paper says a 0.94% index slip paid 9.4% on a 10x short perpetual future and 404% on an at-the-money 0DTE put. The CFTC's Kalshi approval makes that distinction a regulatory question.
Reality