The Commodity Futures Trading Commission (CFTC) approved Kalshi's Bitcoin perpetual contract in May 2026, while stating that perpetuals referencing other asset classes require case-by-case review

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

Futures, options, and perpetual swaps tied to digital-asset prices, letting traders hedge or lever positions and often dwarfing spot volumes.