Crypto Exchanges
By Jean-Luc Maracon
1 / 15
What the No-Action Letter Actually Means. No-action letters get misread constantly. They're not approvals.
2 / 15
The 24/7 Trading Guidance. The advisory the CFTC put out covers the operational requirements for platforms that want to run…
3 / 15
What Comes Next for Both Platforms. Kalshi needs to actually build out and launch the product now that approval is in hand.
4 / 15
Kalshi got the green light. The Commodity Futures Trading Commission formally approved the event-based futures platform to offer cryptocurrency perpetual futures contracts — a…
5 / 15
And Coinbase didn't walk away empty-handed either. The CFTC issued the exchange a no-action letter, which basically means the agency won't chase enforcement action against…
6 / 15
Both decisions landed alongside a broader advisory from the CFTC laying out what platforms actually need to do if they want to run 24/7 crypto futures trading.
7 / 15
No-action letters get misread constantly. They're not approvals. They don't give a platform a permanent pass.
8 / 15
Kalshi's situation is different. Kalshi got actual approval, not a placeholder. The platform can move forward with offering perpetual futures in the crypto space.
9 / 15
Perpetual futures are kind of wild products by traditional finance standards. They never settle in the conventional sense.
10 / 15
See also: CFTC Clears Kalshi to Offer Bitcoin Perpetual Futures in U.S. Market
11 / 15
The guidance addresses risk management specifically. Platforms need systems capable of handling the unique pressures of non-stop trading: margin calls at 3 a.m.
12 / 15
It's worth noting that the CFTC releasing this kind of operational guidance at all is a shift.
13 / 15
Kalshi needs to actually build out and launch the product now that approval is in hand. That's not trivial — perpetual futures require infrastructure that's different from the…
14 / 15
Other platforms watching this are probably running their own calculations. If the CFTC is willing to approve perpetual crypto futures and issue no-action letters while companies…
15 / 15
See also: CME Group Launches 24/7 Crypto Futures Trading, XRP and Cardano in Focus
The Currency Analytics
Want the full story?