CFTC Letter 26-17 did more than bless a Kalshi BTCPERP; it lets Coinbase route U.S. FCM customers into Deribit products and post BTC, ETH, and stables as margin through a foreign affiliate with re-use rights. That turns the first stress test into a 24/7 collateral/liquidation problem, closer to a Hyperliquid-style funding cascade than CME's tightly margined 5x crypto book.

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