CFTC Staff Clears Path for US Exchanges to Offer True Perpetual Futures

CFTC Staff Issues No-Action Relief

CFTC staff released guidance Friday (release 9252-26) that establishes a no-action path allowing designated contract markets (DCMs) to convert existing perpetual-style digital commodity futures into true perpetuals. The no-action letter removes the need for DCMs to seek individual relief or formal approval for the conversion, streamlining compliance with the agency's regulatory framework.

What Changes for Exchanges

Exchanges operating under CFTC regulation can now transition their perpetual-style contracts without triggering enforcement action or requiring a formal rulemaking process. The path clarifies which perpetual structures qualify for this no-action treatment and sets conditions DCMs must meet to remain compliant. The move signals the CFTC's intent to accommodate product innovation in the regulated derivatives space.

Broader Regulatory Backdrop

The guidance accelerates the CFTC's buildout of a domestic crypto derivatives market overseen by registered exchanges and clearinghouses. It follows years of regulatory tension between the agency and unregistered trading platforms offering leveraged crypto products. By establishing clearer rules for perpetuals at registered DCMs, the CFTC narrows the compliance gap between offshore and US-regulated venues.