Coinbase just pushed deeper into one of crypto’s most profitable businesses and, for once, US traders might not need offshore loopholes to participate.

On May 29, Coinbase Financial Markets became the first US-regulated futures commission merchant cleared to connect domestic clients to global crypto perpetuals and options markets. That matters because perpetual swaps and options account for roughly 80% of worldwide crypto trading volume, yet compliant US access barely existed for years.

So institutions improvised.

Many created offshore entities just to reach global liquidity pools, stacking operational complexity and counterparty risk on top of already volatile markets. Now, new guidance from the Commodity Futures Trading Commission…