CoinDesk
The CFTC has approved its first bitcoin perpetual futures contract on a regulated U.S. exchange, ending years of limbo for crypto-native derivatives venues that had been forced offshore to offer the popular product. CFTC Chairman Mike Selig framed the move as a "major step forward" in delivering on President Donald Trump's goal of making the U.S. the crypto capital of the world, and called perps "a foundational risk management and price discovery tool in the global crypto asset markets."
The regulator did not name the exchange that received the first approval, but said it would list and trade true bitcoin perps — derivatives with no expiry date that can be held indefinitely, typically amplified with leverage. Crypto-native venues already under CFTC oversight include Coinbase, Bitnomial (recently acquired by Kraken) and Gemini, alongside prediction-market firms Kalshi and Polymarket.
Why it matters
Perpetual futures are the dominant crypto derivatives product globally, but until now the regulated U.S. path was effectively closed, pushing volume to offshore venues. Selig has said he is trying to repair damage from the previous administration that "drove a lot of these firms and the liquidity offshore" — the approval is the first concrete proof that the current CFTC is willing to host that product domestically. The framework is meant to "limit excessive leverage, volatility and systemic risk" while still giving U.S. traders a venue that does not require them to leave the country.
Market impact
The approval is meaningful but fragile: it does not yet carry the weight of a formal rule, and a future CFTC chair could reverse it the same way the current leadership reversed the prior approach. The Hyperliquid SPACEX-USDH flash crash this week, which wiped out roughly $1.5 million in notional value in 30 minutes from a single outsized position, is a live reminder of how thin liquidity in named perp markets can turn a leveraged bet into a cascade. The CFTC and SEC have been using no-action letters, guidance and approvals to set crypto policy in the absence of new legislation from Congress — direction-setting, but easier to overturn than a rule.
Frequently asked questions
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What did the CFTC actually approve?
The CFTC approved the first bitcoin perpetual futures contract on a regulated U.S. exchange, marking the first true U.S. path for the leveraged derivatives product that has historically been dominated by offshore venues. The agency did not name the exchange.
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Who is the CFTC chairman behind the approval?
CFTC Chairman Mike Selig described the move as a "major step forward" in delivering on President Trump's goal of making the U.S. the crypto capital of the world, and called perps "a foundational risk management and price discovery tool in the global crypto asset markets."
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Why is this significant for U.S. crypto markets?
Perpetual futures are the dominant crypto derivatives product globally, and the regulated U.S. path was effectively closed until now. Selig has said the prior administration drove a lot of these firms and the liquidity offshore; this approval is the first concrete proof the current CFTC is willing to host that product…
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Is the approval a formal rule?
No. The approval is an agency stance, not a formal rule, which means a future CFTC chair could reverse it. The CFTC and SEC have been setting crypto policy through guidance, no-action letters and approvals while waiting on Congress for permanent law.
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What are the risks of bitcoin perpetual futures?
Perps are typically amplified with leverage, and liquidity in named perp markets can be thin — the Hyperliquid SPACEX-USDH flash crash wiped out roughly $1.5 million in notional value within 30 minutes from a single outsized position. The CFTC said its framework would "limit excessive leverage, volatility and systemic…
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