The CFTC took a landmark step today, approving KalshiEX’s BTCPERP as the first regulated Bitcoin perpetual futures contract listed on a CFTC-regulated U.S. exchange.

Additionally, the federal derivatives watchdog issued a no-action letter clearing a path for Coinbase to connect American customers to global crypto derivatives markets for the first time ever.

What’s the Scoop?

• Clearing the Way: Notably, Coinbase Financial Markets’ no-action letter clears the platform to route U.S. customers to Deribit, a Dubai-regulated exchange holding over +$30B in Bitcoin options open interest, through its Bermuda-based affiliate.

• Why It Matters: This routing structure is now the first CFTC-sanctioned path for American traders to…