Crypto perpetual futures reach U.S. regulated market as Wall Street stays cautious

Crypto perpetual futures, a flagship derivatives product in the digital-asset market, have entered the regulated U.S. market, drawing rising interest on Wall Street, though major banks are still staying on the sidelines until market liquidity and the regulatory environment are more fully developed, CoinDesk reported. CoinDesk said the U.S. Commodity Futures Trading Commission approved Kalshi’s regulated perpetual futures product in May, while Coinbase also won approval to list regulated perpetual futures in the United States. Kalshi topped $1 billion in trading volume within a week of launching the product in June and has since moved to broaden its lineup by seeking approval for perpetual futures tied to gold and silver. Even so, Wall Street remains cautious about making a full-scale entry into the market. Industry participants said improvements in the U.S. regulatory environment are drawing the offshore-dominated perpetual futures market into the United States, but most large financial institutions are still in a wait-and-see phase rather than preparing product launches. They added major banks also have to consider strict capital rules, customer-protection obligations and reputational risk, making it difficult for them to participate aggressively before trading volume is sufficient, the regulatory framework is clear and market infrastructure is stable.