US regulators say they are close to bringing crypto perpetual futures back onto fully regulated American exchanges. The change would shift a core trading product away from offshore platforms and into venues under U.S. rules. For U.S. traders, that could mean easier access to perps without relying on VPNs or gray‑area intermediaries.
What Regulators are Saying About Crypto Perps
Commodity Futures Trading Commission (CFTC) Chair Michael Selig recently said his agency aims to allow “true perpetual futures” in the U.S. within about a month. He made the comments at a Milken Institute event in Washington while appearing alongside SEC Chair Paul Atkins. Selig said the CFTC wants to move perpetual trading onshore after years of watching liquidity migrate to exchanges in Asia and the Caribbean.
Perpetual futures, or “perps,” let traders hold leveraged positions on crypto prices with no fixed expiry date. Most of this activity has lived on offshore exchanges that offer high leverage and 24/7 trading. U.S. officials now say they would rather supervise these markets directly than leave Americans to use unregulated or foreign platforms.
How Regulators Started Opening the Door
The CFTC has been laying the groundwork for more than a year. In April 2025, its staff issued a formal Request for Comment on “perpetual‑style derivatives,” asking how to categorize them and what risks they pose for market integrity and clearing. Around the same time, a joint SEC and CFTC statement floated the idea of using “innovation exemptions” to bring perpetual contracts into U.S. markets under controlled conditions.
Some U.S. venues have already tested the edges. Cboe Futures Exchange announced “continuous” Bitcoin and Ether futures that behave like perps but still carry long expiries and daily cash adjustments to stay inside current rules.
Coinbase has also experimented with pseudo‑perpetual products that roll long‑dated contracts so users do not have to manage monthly expiry cycles. These steps showed regulators that perp‑like exposure can fit within the Commodity Exchange Act if leverage and disclosures stay tightly managed.
Selig says the new framework will likely cap leverage and demand stronger transparency and risk controls than many offshore platforms provide. Strong margin regulations, surveillance mechanisms, and appropriate CFTC registrations are required for exchanges wishing to list perps. Early offerings might therefore appear more cautious than the high-leverage products that traders see abroad.
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