The U.S. Commodity Futures Trading Commission (CFTC) has approved KalshiEX to launch bitcoin perpetual contracts, marking the first official launch of such a product by a U.S.-regulated exchange. This approval allows KalshiEX to offer a cash-settled Bitcoin perpetual contract, tradable 24/7, using a funding rate mechanism tied to the spot price. CFTC Chair Michael Selig highlighted this as a compliant pathway for one of the most liquid trading categories in the crypto market. In conjunction with Kalshi's approval, the CFTC granted regulatory relief to Coinbase Financial Markets, enabling it to provide U.S. customers access to options and perpetual products on Deribit's offshore platform. This move allows eligible clients to use Bitcoin, Ethereum, and stablecoins as margin collateral, offering a clearer compliance pathway for Coinbase's derivatives offerings outside the U.S. Following these regulatory changes, related trading platforms and cryptocurrency prices surged. Coinbase's stock rose 4%, Robinhood increased by 11%, and Hyperliquid's HYPE token hit a new all-time high of $73.50. Despite these positive developments in derivatives, major crypto assets like Bitcoin and Ethereum saw declines, with Bitcoin ETFs experiencing significant outflows, indicating a cautious spot market sentiment.