US CFTC Classifies Crypto Perpetual Contracts as Foreign Futures, Issues No-Action Letter Regarding Coinbase-Related Business

Odaily Planet Daily News: The Market Participants Division of the U.S. Commodity Futures Trading Commission (CFTC) today issued an interpretive opinion and a "No-Action Letter" in response to Coinbase Financial Markets' application, allowing it to offer certain digital commodity derivatives trading services through its affiliated overseas trading platform Deribit. CFTC staff confirmed that, based on the approval framework for the Kalshi BTCPERP contract dated May 29, 2026, the relevant crypto perpetual contracts can be classified as "foreign futures" under the definition of Regulation 30.1.

Meanwhile, subject to the fulfillment of specific conditions, the CFTC Market Participants Division stated that it does not recommend taking enforcement action against Coinbase Financial Markets. This allows the company to transfer digital commodities and stablecoins held by clients as margin to its affiliated overseas broker, to support the trading of foreign futures and options positions, even if the relevant overseas broker has the right to re-use the assets.

Analysts believe this letter further clarifies the classification path for crypto perpetual contracts within the U.S. regulatory system and provides institutional room for compliant institutions to access derivatives trading through overseas liquidity markets.