U.S. crypto firms can offer perpetual futures contracts, or “perps,” without running afoul of the U.S. Commodity Futures Trading Commission, according to the agency’s first approval allowing Kalshi to list and trade U.S. bitcoin perpetuals, the regulator said on Friday.

In a related action, the agency also issued key guidance that allowed Coinbase Financial Markets to put its U.S. clients into global options and perps, tapping the largest current markets.

The perp is a kind of derivative that allows the investor to speculate on future price movements in a crypto asset without putting an expiration date on that contract, allowing it to be held as long as the investor wants. With this first approval on a registered platform, the U.S….