Historic Milestone Reached as KalshiEX Gains Regulatory Nod for Pioneering Bitcoin Derivative Product
Key facts The U.S. Commodity Futures Trading Commission (CFTC) issued an Order for Approval to KalshiEX, LLC on 29 May 2026, clearing the company to list BTCPERP as a futures contract on its registered exchange. BTCPERP is a perpetual futures contract that references the spot price of Bitcoin and carries no expiration date. The order makes KalshiEX the first CFTC-registered designated contract market (DCM) to list a BTCPERP — a true perpetual with no fixed termination.
Bitnomial received approval for a similar product in December 2025, but that contract carried a 25-year term limit. BTCPERP has no expiration, placing it in a separate category from all previously approved US crypto derivatives.
The approval order requires Kalshi to list and maintain BTCPERP under full Commodity Exchange Act complianceKalshiEX submitted BTCPERP to the CFTC on 28 May 2026 under Commission Regulation 40.3, requesting formal approval. The agency reviewed and approved the contract the following day. The order requires Kalshi to maintain BTCPERP in compliance with all applicable provisions of the Commodity Exchange Act (CEA).
Alongside the approval, the CFTC published a policy statement noting that perpetual contracts may not be appropriate for all asset classes. The agency set a case-by-case review process for future perpetual contract applications from other exchanges.
"This morning, the CFTC took historic action to permit the listing of a true bitcoin perpetual contract by a CFTC-registered exchange, charting a path for one of the most liquid segments of the crypto asset markets to exist within the US regulatory framework."
— Mike Selig, Chairman, CFTC, 29 May 2026
CFTC staff simultaneously clears Coinbase Financial Markets to connect US customers to Deribit perpetualsOn the same day, the CFTC's Market Participants Division issued Staff Letter 26-17 to Coinbase Financial Markets (CFM), a registered futures commission merchant (FCM) and affiliate of Coinbase Global. The letter confirmed that perpetual contracts listed on Deribit FZE qualify as foreign futures under Commission Regulation 30.1. Deribit FZE is a virtual asset exchange regulated by Dubai's Virtual Assets Regulatory Authority (VARA).
The ruling allows CFM to route US customers to Deribit's perpetual products through Coinbase Bermuda Limited, CFM's affiliated Bermuda broker, which holds the account directly with Deribit. The no-action position also permits CFM customers to post Bitcoin and Ether as margin collateral for those positions.
"This marks Kalshi's evolution from prediction market leader to next-gen derivatives exchange."
— Tarek Mansour, CEO, Kalshi, 29 May 2026
Bitcoin traded at $73,888 at the time the CFTC formalized the new perpetuals frameworkBitcoin (BTC) traded at $73,888 at the time of publication, up 0.46% over the previous 24 hours, with a market capitalization of approximately $1.48 trillion (CoinPaprika, 31 May 2026). BTCPERP references this spot price through a continuous funding rate mechanism. When BTCPERP trades above the Bitcoin spot price, long holders pay a funding fee to short holders, pushing the contract price back toward the underlying asset.
Kalshi plans to launch BTCPERP within one month and will file for additional digital asset contractsA Kalshi spokesperson told Decrypt the company expects to launch BTCPERP within one month of receiving the approval order. Kalshi also plans to apply for CFTC clearance on perpetual contracts tied to more than a dozen other digital assets. The BTCPERP approval is the company's first derivatives product outside its core prediction market business.
For US institutions, the Coinbase Financial Markets ruling removes the need to establish separate offshore corporate entities to access global crypto perpetual liquidity. The interpretation is limited to digital commodities with deep, active, and continuously quoted spot markets.
Primary source: CFTC Press Release 9240-26 — Order Approving KalshiEX BTCPERP Futures Contract, 29 May 2026 Bitnomial received approval for a similar product in December 2025, but that contract carried a 25-year term limit. BTCPERP has no expiration, placing it in a separate category from all previously approved US crypto derivatives.
The approval order requires Kalshi to list and maintain BTCPERP under full Commodity Exchange Act complianceKalshiEX submitted BTCPERP to the CFTC on 28 May 2026 under Commission Regulation 40.3, requesting formal approval. The agency reviewed and approved the contract the following day. The order requires Kalshi to maintain BTCPERP in compliance with all applicable provisions of the Commodity Exchange Act (CEA).
Alongside the approval, the CFTC published a policy statement noting that perpetual contracts may not be appropriate for all asset classes. The agency set a case-by-case review process for future perpetual contract applications from other exchanges.
"This morning, the CFTC took historic action to permit the listing of a true bitcoin perpetual contract by a CFTC-registered exchange, charting a path for one of the most liquid segments of the crypto asset markets to exist within the US regulatory framework."
— Mike Selig, Chairman, CFTC, 29 May 2026
CFTC staff simultaneously clears Coinbase Financial Markets to connect US customers to Deribit perpetualsOn the same day, the CFTC's Market Participants Division issued Staff Letter 26-17 to Coinbase Financial Markets (CFM), a registered futures commission merchant (FCM) and affiliate of Coinbase Global. The letter confirmed that perpetual contracts listed on Deribit FZE qualify as foreign futures under Commission Regulation 30.1. Deribit FZE is a virtual asset exchange regulated by Dubai's Virtual Assets Regulatory Authority (VARA).
The ruling allows CFM to route US customers to Deribit's perpetual products through Coinbase Bermuda Limited, CFM's affiliated Bermuda broker, which holds the account directly with Deribit. The no-action position also permits CFM customers to post Bitcoin and Ether as margin collateral for those positions.
"This marks Kalshi's evolution from prediction market leader to next-gen derivatives exchange."
— Tarek Mansour, CEO, Kalshi, 29 May 2026
Bitcoin traded at $73,888 at the time the CFTC formalized the new perpetuals frameworkBitcoin (BTC) traded at $73,888 at the time of publication, up 0.46% over the previous 24 hours, with a market capitalization of approximately $1.48 trillion (CoinPaprika, 31 May 2026). BTCPERP references this spot price through a continuous funding rate mechanism. When BTCPERP trades above the Bitcoin spot price, long holders pay a funding fee to short holders, pushing the contract price back toward the underlying asset.
Kalshi plans to launch BTCPERP within one month and will file for additional digital asset contractsA Kalshi spokesperson told Decrypt the company expects to launch BTCPERP within one month of receiving the approval order. Kalshi also plans to apply for CFTC clearance on perpetual contracts tied to more than a dozen other digital assets. The BTCPERP approval is the company's first derivatives product outside its core prediction market business.
For US institutions, the Coinbase Financial Markets ruling removes the need to establish separate offshore corporate entities to access global crypto perpetual liquidity. The interpretation is limited to digital commodities with deep, active, and continuously quoted spot markets.
Primary source: CFTC Press Release 9240-26 — Order Approving KalshiEX BTCPERP Futures Contract, 29 May 2026 KalshiEX submitted BTCPERP to the CFTC on 28 May 2026 under Commission Regulation 40.3, requesting formal approval. The agency reviewed and approved the contract the following day. The order requires Kalshi to maintain BTCPERP in compliance with all applicable provisions of the Commodity Exchange Act (CEA).
Alongside the approval, the CFTC published a policy statement noting that perpetual contracts may not be appropriate for all asset classes. The agency set a case-by-case review process for future perpetual contract applications from other exchanges.
"This morning, the CFTC took historic action to permit the listing of a true bitcoin perpetual contract by a CFTC-registered exchange, charting a path for one of the most liquid segments of the crypto asset markets to exist within the US regulatory framework."
— Mike Selig, Chairman, CFTC, 29 May 2026
CFTC staff simultaneously clears Coinbase Financial Markets to connect US customers to Deribit perpetualsOn the same day, the CFTC's Market Participants Division issued Staff Letter 26-17 to Coinbase Financial Markets (CFM), a registered futures commission merchant (FCM) and affiliate of Coinbase Global. The letter confirmed that perpetual contracts listed on Deribit FZE qualify as foreign futures under Commission Regulation 30.1. Deribit FZE is a virtual asset exchange regulated by Dubai's Virtual Assets Regulatory Authority (VARA).
The ruling allows CFM to route US customers to Deribit's perpetual products through Coinbase Bermuda Limited, CFM's affiliated Bermuda broker, which holds the account directly with Deribit. The no-action position also permits CFM customers to post Bitcoin and Ether as margin collateral for those positions.
"This marks Kalshi's evolution from prediction market leader to next-gen derivatives exchange."
— Tarek Mansour, CEO, Kalshi, 29 May 2026
Bitcoin traded at $73,888 at the time the CFTC formalized the new perpetuals frameworkBitcoin (BTC) traded at $73,888 at the time of publication, up 0.46% over the previous 24 hours, with a market capitalization of approximately $1.48 trillion (CoinPaprika, 31 May 2026). BTCPERP references this spot price through a continuous funding rate mechanism. When BTCPERP trades above the Bitcoin spot price, long holders pay a funding fee to short holders, pushing the contract price back toward the underlying asset.
Kalshi plans to launch BTCPERP within one month and will file for additional digital asset contractsA Kalshi spokesperson told Decrypt the company expects to launch BTCPERP within one month of receiving the approval order. Kalshi also plans to apply for CFTC clearance on perpetual contracts tied to more than a dozen other digital assets. The BTCPERP approval is the company's first derivatives product outside its core prediction market business.
For US institutions, the Coinbase Financial Markets ruling removes the need to establish separate offshore corporate entities to access global crypto perpetual liquidity. The interpretation is limited to digital commodities with deep, active, and continuously quoted spot markets.
Primary source: CFTC Press Release 9240-26 — Order Approving KalshiEX BTCPERP Futures Contract, 29 May 2026 Alongside the approval, the CFTC published a policy statement noting that perpetual contracts may not be appropriate for all asset classes. The agency set a case-by-case review process for future perpetual contract applications from other exchanges.
"This morning, the CFTC took historic action to permit the listing of a true bitcoin perpetual contract by a CFTC-registered exchange, charting a path for one of the most liquid segments of the crypto asset markets to exist within the US regulatory framework."
— Mike Selig, Chairman, CFTC, 29 May 2026
CFTC staff simultaneously clears Coinbase Financial Markets to connect US customers to Deribit perpetualsOn the same day, the CFTC's Market Participants Division issued Staff Letter 26-17 to Coinbase Financial Markets (CFM), a registered futures commission merchant (FCM) and affiliate of Coinbase Global. The letter confirmed that perpetual contracts listed on Deribit FZE qualify as foreign futures under Commission Regulation 30.1. Deribit FZE is a virtual asset exchange regulated by Dubai's Virtual Assets Regulatory Authority (VARA).
The ruling allows CFM to route US customers to Deribit's perpetual products through Coinbase Bermuda Limited, CFM's affiliated Bermuda broker, which holds the account directly with Deribit. The no-action position also permits CFM customers to post Bitcoin and Ether as margin collateral for those positions.
"This marks Kalshi's evolution from prediction market leader to next-gen derivatives exchange."
— Tarek Mansour, CEO, Kalshi, 29 May 2026
Bitcoin traded at $73,888 at the time the CFTC formalized the new perpetuals frameworkBitcoin (BTC) traded at $73,888 at the time of publication, up 0.46% over the previous 24 hours, with a market capitalization of approximately $1.48 trillion (CoinPaprika, 31 May 2026). BTCPERP references this spot price through a continuous funding rate mechanism. When BTCPERP trades above the Bitcoin spot price, long holders pay a funding fee to short holders, pushing the contract price back toward the underlying asset.
Kalshi plans to launch BTCPERP within one month and will file for additional digital asset contractsA Kalshi spokesperson told Decrypt the company expects to launch BTCPERP within one month of receiving the approval order. Kalshi also plans to apply for CFTC clearance on perpetual contracts tied to more than a dozen other digital assets. The BTCPERP approval is the company's first derivatives product outside its core prediction market business.
For US institutions, the Coinbase Financial Markets ruling removes the need to establish separate offshore corporate entities to access global crypto perpetual liquidity. The interpretation is limited to digital commodities with deep, active, and continuously quoted spot markets.
Primary source: CFTC Press Release 9240-26 — Order Approving KalshiEX BTCPERP Futures Contract, 29 May 2026 "This morning, the CFTC took historic action to permit the listing of a true bitcoin perpetual contract by a CFTC-registered exchange, charting a path for one of the most liquid segments of the crypto asset markets to exist within the US regulatory framework."
— Mike Selig, Chairman, CFTC, 29 May 2026
CFTC staff simultaneously clears Coinbase Financial Markets to connect US customers to Deribit perpetualsOn the same day, the CFTC's Market Participants Division issued Staff Letter 26-17 to Coinbase Financial Markets (CFM), a registered futures commission merchant (FCM) and affiliate of Coinbase Global. The letter confirmed that perpetual contracts listed on Deribit FZE qualify as foreign futures under Commission Regulation 30.1. Deribit FZE is a virtual asset exchange regulated by Dubai's Virtual Assets Regulatory Authority (VARA).
The ruling allows CFM to route US customers to Deribit's perpetual products through Coinbase Bermuda Limited, CFM's affiliated Bermuda broker, which holds the account directly with Deribit. The no-action position also permits CFM customers to post Bitcoin and Ether as margin collateral for those positions.
"This marks Kalshi's evolution from prediction market leader to next-gen derivatives exchange."
— Tarek Mansour, CEO, Kalshi, 29 May 2026
Bitcoin traded at $73,888 at the time the CFTC formalized the new perpetuals frameworkBitcoin (BTC) traded at $73,888 at the time of publication, up 0.46% over the previous 24 hours, with a market capitalization of approximately $1.48 trillion (CoinPaprika, 31 May 2026). BTCPERP references this spot price through a continuous funding rate mechanism. When BTCPERP trades above the Bitcoin spot price, long holders pay a funding fee to short holders, pushing the contract price back toward the underlying asset.
Kalshi plans to launch BTCPERP within one month and will file for additional digital asset contractsA Kalshi spokesperson told Decrypt the company expects to launch BTCPERP within one month of receiving the approval order. Kalshi also plans to apply for CFTC clearance on perpetual contracts tied to more than a dozen other digital assets. The BTCPERP approval is the company's first derivatives product outside its core prediction market business.
For US institutions, the Coinbase Financial Markets ruling removes the need to establish separate offshore corporate entities to access global crypto perpetual liquidity. The interpretation is limited to digital commodities with deep, active, and continuously quoted spot markets.
Primary source: CFTC Press Release 9240-26 — Order Approving KalshiEX BTCPERP Futures Contract, 29 May 2026 CFTC staff simultaneously clears Coinbase Financial Markets to connect US customers to Deribit perpetualsOn the same day, the CFTC's Market Participants Division issued Staff Letter 26-17 to Coinbase Financial Markets (CFM), a registered futures commission merchant (FCM) and affiliate of Coinbase Global. The letter confirmed that perpetual contracts listed on Deribit FZE qualify as foreign futures under Commission Regulation 30.1. Deribit FZE is a virtual asset exchange regulated by Dubai's Virtual Assets Regulatory Authority (VARA).
The ruling allows CFM to route US customers to Deribit's perpetual products through Coinbase Bermuda Limited, CFM's affiliated Bermuda broker, which holds the account directly with Deribit. The no-action position also permits CFM customers to post Bitcoin and Ether as margin collateral for those positions.
"This marks Kalshi's evolution from prediction market leader to next-gen derivatives exchange."
— Tarek Mansour, CEO, Kalshi, 29 May 2026
Bitcoin traded at $73,888 at the time the CFTC formalized the new perpetuals frameworkBitcoin (BTC) traded at $73,888 at the time of publication, up 0.46% over the previous 24 hours, with a market capitalization of approximately $1.48 trillion (CoinPaprika, 31 May 2026). BTCPERP references this spot price through a continuous funding rate mechanism. When BTCPERP trades above the Bitcoin spot price, long holders pay a funding fee to short holders, pushing the contract price back toward the underlying asset.
Kalshi plans to launch BTCPERP within one month and will file for additional digital asset contractsA Kalshi spokesperson told Decrypt the company expects to launch BTCPERP within one month of receiving the approval order. Kalshi also plans to apply for CFTC clearance on perpetual contracts tied to more than a dozen other digital assets. The BTCPERP approval is the company's first derivatives product outside its core prediction market business.
For US institutions, the Coinbase Financial Markets ruling removes the need to establish separate offshore corporate entities to access global crypto perpetual liquidity. The interpretation is limited to digital commodities with deep, active, and continuously quoted spot markets.
Primary source: CFTC Press Release 9240-26 — Order Approving KalshiEX BTCPERP Futures Contract, 29 May 2026 On the same day, the CFTC's Market Participants Division issued Staff Letter 26-17 to Coinbase Financial Markets (CFM), a registered futures commission merchant (FCM) and affiliate of Coinbase Global. The letter confirmed that perpetual contracts listed on Deribit FZE qualify as foreign futures under Commission Regulation 30.1. Deribit FZE is a virtual asset exchange regulated by Dubai's Virtual Assets Regulatory Authority (VARA).
The ruling allows CFM to route US customers to Deribit's perpetual products through Coinbase Bermuda Limited, CFM's affiliated Bermuda broker, which holds the account directly with Deribit. The no-action position also permits CFM customers to post Bitcoin and Ether as margin collateral for those positions.
"This marks Kalshi's evolution from prediction market leader to next-gen derivatives exchange."
— Tarek Mansour, CEO, Kalshi, 29 May 2026
Bitcoin traded at $73,888 at the time the CFTC formalized the new perpetuals frameworkBitcoin (BTC) traded at $73,888 at the time of publication, up 0.46% over the previous 24 hours, with a market capitalization of approximately $1.48 trillion (CoinPaprika, 31 May 2026). BTCPERP references this spot price through a continuous funding rate mechanism. When BTCPERP trades above the Bitcoin spot price, long holders pay a funding fee to short holders, pushing the contract price back toward the underlying asset.
Kalshi plans to launch BTCPERP within one month and will file for additional digital asset contractsA Kalshi spokesperson told Decrypt the company expects to launch BTCPERP within one month of receiving the approval order. Kalshi also plans to apply for CFTC clearance on perpetual contracts tied to more than a dozen other digital assets. The BTCPERP approval is the company's first derivatives product outside its core prediction market business.
For US institutions, the Coinbase Financial Markets ruling removes the need to establish separate offshore corporate entities to access global crypto perpetual liquidity. The interpretation is limited to digital commodities with deep, active, and continuously quoted spot markets.
Primary source: CFTC Press Release 9240-26 — Order Approving KalshiEX BTCPERP Futures Contract, 29 May 2026 The ruling allows CFM to route US customers to Deribit's perpetual products through Coinbase Bermuda Limited, CFM's affiliated Bermuda broker, which holds the account directly with Deribit. The no-action position also permits CFM customers to post Bitcoin and Ether as margin collateral for those positions.
"This marks Kalshi's evolution from prediction market leader to next-gen derivatives exchange."
— Tarek Mansour, CEO, Kalshi, 29 May 2026
Bitcoin traded at $73,888 at the time the CFTC formalized the new perpetuals frameworkBitcoin (BTC) traded at $73,888 at the time of publication, up 0.46% over the previous 24 hours, with a market capitalization of approximately $1.48 trillion (CoinPaprika, 31 May 2026). BTCPERP references this spot price through a continuous funding rate mechanism. When BTCPERP trades above the Bitcoin spot price, long holders pay a funding fee to short holders, pushing the contract price back toward the underlying asset.
Kalshi plans to launch BTCPERP within one month and will file for additional digital asset contractsA Kalshi spokesperson told Decrypt the company expects to launch BTCPERP within one month of receiving the approval order. Kalshi also plans to apply for CFTC clearance on perpetual contracts tied to more than a dozen other digital assets. The BTCPERP approval is the company's first derivatives product outside its core prediction market business.
For US institutions, the Coinbase Financial Markets ruling removes the need to establish separate offshore corporate entities to access global crypto perpetual liquidity. The interpretation is limited to digital commodities with deep, active, and continuously quoted spot markets.
Primary source: CFTC Press Release 9240-26 — Order Approving KalshiEX BTCPERP Futures Contract, 29 May 2026 "This marks Kalshi's evolution from prediction market leader to next-gen derivatives exchange."
— Tarek Mansour, CEO, Kalshi, 29 May 2026
Bitcoin traded at $73,888 at the time the CFTC formalized the new perpetuals frameworkBitcoin (BTC) traded at $73,888 at the time of publication, up 0.46% over the previous 24 hours, with a market capitalization of approximately $1.48 trillion (CoinPaprika, 31 May 2026). BTCPERP references this spot price through a continuous funding rate mechanism. When BTCPERP trades above the Bitcoin spot price, long holders pay a funding fee to short holders, pushing the contract price back toward the underlying asset.
Kalshi plans to launch BTCPERP within one month and will file for additional digital asset contractsA Kalshi spokesperson told Decrypt the company expects to launch BTCPERP within one month of receiving the approval order. Kalshi also plans to apply for CFTC clearance on perpetual contracts tied to more than a dozen other digital assets. The BTCPERP approval is the company's first derivatives product outside its core prediction market business.
For US institutions, the Coinbase Financial Markets ruling removes the need to establish separate offshore corporate entities to access global crypto perpetual liquidity. The interpretation is limited to digital commodities with deep, active, and continuously quoted spot markets.
Primary source: CFTC Press Release 9240-26 — Order Approving KalshiEX BTCPERP Futures Contract, 29 May 2026 Bitcoin traded at $73,888 at the time the CFTC formalized the new perpetuals frameworkBitcoin (BTC) traded at $73,888 at the time of publication, up 0.46% over the previous 24 hours, with a market capitalization of approximately $1.48 trillion (CoinPaprika, 31 May 2026). BTCPERP references this spot price through a continuous funding rate mechanism. When BTCPERP trades above the Bitcoin spot price, long holders pay a funding fee to short holders, pushing the contract price back toward the underlying asset.
Kalshi plans to launch BTCPERP within one month and will file for additional digital asset contractsA Kalshi spokesperson told Decrypt the company expects to launch BTCPERP within one month of receiving the approval order. Kalshi also plans to apply for CFTC clearance on perpetual contracts tied to more than a dozen other digital assets. The BTCPERP approval is the company's first derivatives product outside its core prediction market business.
For US institutions, the Coinbase Financial Markets ruling removes the need to establish separate offshore corporate entities to access global crypto perpetual liquidity. The interpretation is limited to digital commodities with deep, active, and continuously quoted spot markets.
Primary source: CFTC Press Release 9240-26 — Order Approving KalshiEX BTCPERP Futures Contract, 29 May 2026 Bitcoin (BTC) traded at $73,888 at the time of publication, up 0.46% over the previous 24 hours, with a market capitalization of approximately $1.48 trillion (CoinPaprika, 31 May 2026). BTCPERP references this spot price through a continuous funding rate mechanism. When BTCPERP trades above the Bitcoin spot price, long holders pay a funding fee to short holders, pushing the contract price back toward the underlying asset.
Kalshi plans to launch BTCPERP within one month and will file for additional digital asset contractsA Kalshi spokesperson told Decrypt the company expects to launch BTCPERP within one month of receiving the approval order. Kalshi also plans to apply for CFTC clearance on perpetual contracts tied to more than a dozen other digital assets. The BTCPERP approval is the company's first derivatives product outside its core prediction market business.
For US institutions, the Coinbase Financial Markets ruling removes the need to establish separate offshore corporate entities to access global crypto perpetual liquidity. The interpretation is limited to digital commodities with deep, active, and continuously quoted spot markets.
Primary source: CFTC Press Release 9240-26 — Order Approving KalshiEX BTCPERP Futures Contract, 29 May 2026 A Kalshi spokesperson told Decrypt the company expects to launch BTCPERP within one month of receiving the approval order. Kalshi also plans to apply for CFTC clearance on perpetual contracts tied to more than a dozen other digital assets. The BTCPERP approval is the company's first derivatives product outside its core prediction market business.
For US institutions, the Coinbase Financial Markets ruling removes the need to establish separate offshore corporate entities to access global crypto perpetual liquidity. The interpretation is limited to digital commodities with deep, active, and continuously quoted spot markets.
Primary source: CFTC Press Release 9240-26 — Order Approving KalshiEX BTCPERP Futures Contract, 29 May 2026 For US institutions, the Coinbase Financial Markets ruling removes the need to establish separate offshore corporate entities to access global crypto perpetual liquidity. The interpretation is limited to digital commodities with deep, active, and continuously quoted spot markets.
Primary source: CFTC Press Release 9240-26 — Order Approving KalshiEX BTCPERP Futures Contract, 29 May 2026 Primary source: CFTC Press Release 9240-26 — Order Approving KalshiEX BTCPERP Futures Contract, 29 May 2026 Cryptocurrencies are highly volatile and involve significant risk. You may lose part or all of your investment. All information on Coinpaprika is provided for informational purposes only and does not constitute financial or investment advice. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions. Coinpaprika is not liable for any losses resulting from the use of this information.