Kraken Launches US Futures Trading Amid Congressional Crypto Bill Breakthrough
Kraken just flipped the switch on US crypto futures trading—right as Washington finally gets its act together on digital asset regulation.
The timing isn't coincidental
The exchange's move comes as two landmark crypto bills clear key congressional hurdles. One aims to clarify jurisdiction between the SEC and CFTC (because nothing says 'innovation' like bureaucratic turf wars).
What's actually changing
American traders now get access to margined Bitcoin and Ethereum contracts through Kraken's CFTC-regulated platform. Leverage caps at 50x for institutional players—because what could possibly go wrong?
The bigger picture
This marks the first major exchange expansion since the 2024 regulatory thaw. Meanwhile, traditional finance still can't decide whether to FOMO in or short crypto into oblivion.
Final thought: If Congress actually passes these bills, we might finally stop pretending the 'wild west' narrative is still relevant. But let's not get ahead of ourselves—this is Washington we're talking about.
Turning point
The timing aligns with growing institutional demand for compliant crypto exposure, as new legislation and expanded trading options signal the next phase of market development.
President TRUMP is preparing to sign the GENIUS Act, the first major federal law governing stablecoins, after it passed the House with bipartisan support on Thursday.
Lawmakers have also approved the CLARITY Act, which WOULD establish a framework for regulating the market structure applicable to most cryptos.
A third bill aimed at addressing concerns about government-issued tokens competing with private stablecoins is also underway. If passed, it would prohibit the development of a U.S. central bank digital currency.
The coordinated legislative push, unfolding as a series of targeted crypto bills amid what Republicans have dubbed “Crypto Week,” marks a turning point after years of regulatory ambiguity.
"While protective, this creates operational complexity and potential liability issues for platforms that must now track and segregate customer assets with unprecedented granularity," Andrew Rossow, digital media attorney and CEO of AR Media, told Decrypt.
The crypto bills would "create a uniquely American regulatory framework that may conflict with international standards," and potentially fragment how global digital asset markets operate by "creating compliance challenges for multinational operators," he said.
While both the GENIUS and CLARITY Acts “rely on functional categorization of digital assets,” Rossow argues that the legal boundaries between commodities, securities, and payment instruments “continue to evolve through case law,” adding that the application of the Howey test “remains unsettled.”
Still, major U.S. exchanges, such as Coinbase, have caused some friction due to policy alignment issues. While Coinbase supports both stablecoin and market structure legislation, the firm has favored moving them together, believing it is a more effective approach.
The WHITE House’s alignment with the CFTC over the SEC has further raised expectations for a more favorable environment for firms offering regulated products.
“Under Gary Gensler's leadership, the SEC focused heavily on enforcement actions for fraud and other securities law violations,” Rossow said.
The SEC’s decision followed years of scrutiny and marked a notable retreat from the agency's aggressive enforcement stance. In March, the SEC dropped investigations into several crypto firms, including Kraken.
“I believe the shift to CFTC leadership reflects an understandable and much more reasonable preference for market-based regulation over enforcement-first approaches, which have been futile and kept us stagnant,” Rossow opined.
