Commodity Futures Trading Commission (CFTC) Chairman Michael Selig reiterated that the agency will evaluate perpetual futures listings individually for each asset because different assets pose different risks.
This statement flies in the face of industry expectations for sweeping approvals after the commission approved Bitcoin’s first permanent future last month.
Will the CFTC give blanket approvals to perpetual futures contracts?
said Commodity Futures Trading Commission (CFTC) Chairman Selig certain The agency will evaluate perpetual futures contracts for one asset at a time.
Selig explained this after the Commodity Futures Trading Commission (CFTC) approved the first perpetual contract for Bitcoin on May 29. The main reason for review on a case-by-case basis is that perpetual contracts for different assets present different risks.
The CFTC’s official policy statement refers to perpetual contracts as having “unique characteristics” that can vary depending on the asset they refer to. For example, perpetual Bitcoin and perpetual oil can raise completely different questions about market integrity and customer protection.
Due to its complex nature Perpetual futures contractsThe CFTC’s policy statement also states that exchanges are expected to stop “self-certifying” their contracts.
There has been some discussion about whether or not perpetual contracts are considered “futures contracts” or “swaps” under the Commodity Exchange Act, because perpetual contracts do not have a specific expiration date.
The legal distinction is important because futures trade on regulated exchanges with clear rules while swaps have different reporting and registration requirements. Futures contracts don’t necessarily have a specific expiration date, Selig wrote on X.
The courts and the CFTC have been in charge of what contracts are considered futures contracts over the years.
Is the permanent market thriving in the United States?
The global permanent market totaled more than $60 trillion in 2025. Most of the market activity came from abroad, unaffected by US rules.
However, now that the Commodity Futures Trading Commission (CFTC) has handed out approvals for US-regulated durable commodities, exchanges are rushing to get them. Kraken for example Launched perpetual futures contracts regulated by the Commodity Futures Trading Commission (CFTC). For eligible US traders on June 14, 2026.
The contracts are listed on Bitnomial, a CFTC-regulated exchange that was recently acquired by Kraken’s parent company, Payward. The initial set includes nine tokens: Bitcoin, Ether, Solana, XRP, Cardano, Chainlink, Dogecoin, Litecoin, and Avalanche.
The launch allows customers to trade spot, margin, futures and perpetuals all in the same account, said Arjun Sethi, co-CEO of Kraken.
The CFTC’s Market Participant Division has issued a letter confirming that certain perpetual cryptocurrencies listed on foreign exchanges can be treated as “foreign futures contracts,” allowing Coinbase Financial Markets to connect U.S. customers to offshore perpetual futures markets through its licensing.
Coinbase plans to launch its US futures product on July 21, 2026.
Calci, which received the original permanent approval for Bitcoin, saw trading volume of more than $1 billion in its first week.
Selig wrote in his May 29 CoinDesk op-ed Published on the CFTC websitethat the Commission’s previous failure to provide a workable domestic framework “in a predictable manner” was the reason for driving trading abroad.
Selig currently The only active commissioner of the Commodity Futures Trading Commission (CFTC). It is typically a five-member committee, giving him significant influence over the pace and direction of these approvals.
