CFTC Clears Equity Perpetual Futures for U.S. Trading on Registered Exchanges
The Commodity Futures Trading Commission said Tuesday that perpetual futures tied to individual stocks can now trade on CFTC-registered exchanges, the first such U.S. approval for the crypto-style instrument in equities. The move extends the agency's earlier clearance of Bitcoin perpetual futures and follows a joint CFTC-SEC memorandum of understanding signed in March.
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What the CFTC Approved
The Commodity Futures Trading Commission said Tuesday that equity perpetual futures, which are perpetual contracts tied to individual stocks, may now begin trading on CFTC-registered exchanges. Perpetual futures carry no expiration date, so traders can hold leveraged positions for as long as they meet margin and funding requirements. Until this decision, such products had been largely unavailable to U.S. traders.
CFTC Chairman Michael Selig described the stock contracts as an extension of the agency's earlier clearance of Bitcoin perpetual futures for Kalshi, which he called the first true Bitcoin perpetual futures approved on a regulated U.S. exchange. Decrypt reported that the Bitcoin approval came earlier this year.
Jurisdiction and the SEC
The equity perpetuals were deemed approved as security futures products under the Commodity Futures Modernization Act of 2000. That classification places them under joint oversight of the CFTC and the Securities and Exchange Commission. Selig credited a memorandum of understanding the two agencies signed in March with resolving the jurisdictional question. SEC Chairman Paul Atkins had previously described such products as stranded in a regulatory "no man's land."
Industry Response and Market Context
Sources differ on the immediate industry reaction. Decrypt reported that Coinbase recently filed to list single-stock perpetuals on names including Apple, Tesla and Nvidia. The Defiant reported that Kraken responded to the announcement with "coming soon đź‘€," and framed the access as running through futures exchanges that are also registered with the SEC. The two reports agree on the regulatory structure but describe the scope of exchange plans differently, and neither source provides trading volume or launch dates.
The approval comes as the CFTC pursues several related actions. The agency has floated plans to bring crypto exchanges under federal oversight and dismissed a CME lawsuit challenging crypto perpetual futures.
Regulatory Argument
Selig framed the decision as a safety measure. He said bringing these products into regulated markets "ensures that American investors and traders can access these products within the protections of the CFTC's proven regulatory framework, rather than being forced to turn to offshore, and often unregulated, venues." He made a similar argument last week, citing the record Binance hack as evidence that offshore exchanges need U.S. oversight.
Why It Matters
For Traders
U.S. traders gain access to leveraged, no-expiry stock exposure on regulated venues, though launch dates and listed names remain unconfirmed.
For Investors
The CFTC-SEC joint framework for equity perpetuals signals a structural shift in how U.S. regulators treat crypto-native derivatives across asset classes.
For Builders
Teams building perpetual-style products should track which exchanges obtain SEC-registered futures status, since that determines eligible venues and integration paths.
This article is for information only and is not financial advice. Read the full disclaimer.
