The Future of Perps in America
Key takeaways
- The Future of Perps in America Bankless Wed, June 10, 2026 at 12:42 AM GMT+7 4 min read BTC-USD For years, trading a perp meant going offshore.
- Two weeks ago, the CFTC greenlit the first onshore U.S.
- Amid this environment, CFTC Chairman Mike Selig just came back on Bankless to explain his views on this new chapter for crypto in America and the end of the "regulation by enforcement" years.
The Future of Perps in America Bankless Wed, June 10, 2026 at 12:42 AM GMT+7 4 min read BTC-USD For years, trading a perp meant going offshore. In other words, you d spin up a VPN and find an exchange with no U.S. presence, accepting that if things went sideways, you had no real recourse. That era s ending, though.
Two weeks ago, the CFTC greenlit the first onshore U.S. Bitcoin perpetual futures contract on Kalshi, alongside a no-action letter (i.e. signaling it won t bring an enforcement action) clearing Coinbase to route customers to Deribit. Given that perps already eat something like 90% of all crypto trading volume, onshoring them like this is no small thing.
Amid this environment, CFTC Chairman Mike Selig just came back on Bankless to explain his views on this new chapter for crypto in America and the end of the "regulation by enforcement" years.