Kraken Launches Regulated Crypto Futures Platform Amid U.S. Legislative Push

Kraken has launched a regulated crypto futures platform for U.S. clients, allowing American users to trade CME-listed Bitcoin and Ethereum contracts along with spot crypto assets on Kraken Pro. This marks Kraken’s first foray into U.S.-regulated derivatives, offering both cash-settled and physically-delivered contracts. The launch is seen as a “meaningful step” that could give traders “broad market access and increased capital efficiency within a regulated and high-performance environment,” according to Shannon Kurtas, Kraken’s Head of Exchange.

The timing of this launch coincides with the House's passage of sweeping digital asset legislation that could transform and reshape the industry's legal footing. President Trump is preparing to sign the GENIUS Act, the first major federal law governing stablecoins, after it passed the House with bipartisan support. 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.

This coordinated legislative push, unfolding as a series of targeted crypto bills, marks a turning point after years of regulatory ambiguity. 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," according to Andrew Rossow, digital media attorney and CEO of AR Media. 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.”

Kraken’s launch of the regulated futures platform builds on its March acquisition of retail brokerage NinjaTrader, a platform widely used by retail investors to access futures and forex markets. By leveraging NinjaTrader’s regulatory infrastructure, Kraken set about establishing a pathway into derivatives trading within U.S. compliance frameworks. This positions Kraken to compete with CME Group and Coinbase in the regulated derivatives space.

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.

This development comes at a time when there is growing institutional demand for compliant crypto exposure, as new legislation and expanded trading options signal the next phase of market development. The CFTC gains ground as a preferred regulator, raising hopes for clearer rules across the industry. The launch of Kraken’s regulated futures platform and the passage of landmark digital asset bills indicate a significant shift in the regulatory landscape, paving the way for more structured and compliant crypto trading in the U.S.