Kraken Opens US Futures Trading as Congress Advances Landmark Crypto Bills

Kraken launched a regulated crypto futures platform for U.S. clients Thursday, coinciding with the House’s passage of sweeping digital asset legislation that could transform and reshape the industry’s legal footing.

Offered through Kraken Derivatives U.S., the new service allows American users to trade CME-listed Bitcoin and Ethereum contracts along with spot crypto assets on Kraken Pro, marking Kraken’s first foray into U.S.-regulated derivatives.

The launch is a “meaningful step” that could give traders “broad market access and increased capital efficiency within a regulated and high-performance environment,” Shannon Kurtas, Kraken’s Head of Exchange, said in a statement.

It builds on Kraken’s 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.

With the launch, Kraken is positioning itself to compete with CME Group and Coinbase in the regulated derivatives space, offering both cash-settled and physically-delivered contracts. 

CME, a leading U.S. marketplace for institutional Bitcoin and Ethereum futures, operates under the oversight of the CFTC.

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.