CFTC sets policy framework for listing perpetual contracts

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CFTC perpetual contracts framework

Highlights

CFTC issues a policy statement requiring case-by-case review under Regulation 40.3 for listing perpetual contracts beyond the current bitcoin-related order.
The agency permits a U.S. designated contract market to list a perpetual contract tied to the spot price of bitcoin as a futures contract.
The statement, to be published in the Federal Register, signals that future perpetual contract listings will face individualized regulatory scrutiny in U.S. derivatives markets.

Case-by-case review for new listings

As reported by the Commodity Futures Trading Commission, the agency has issued a policy statement setting out its views on the listing of perpetual contracts. The statement says the Commission sees the case-by-case review process under Commission Regulation 40.3 as appropriate for perpetual contracts tied to asset classes not covered by the related order.

The CFTC says perpetual contracts have unique characteristics and can differ depending on the underlying asset they reference. That variation is central to the Commission's position that future listings beyond the bitcoin-related order should be assessed individually rather than through a broader one-size-fits-all approach.

Implications for U.S. derivatives markets

The policy statement is released at the same time as an order permitting a designated contract market to list a perpetual contract that references the spot price of bitcoin as a futures contract. That pairing indicates the agency is moving to clarify the regulatory path for a product structure that has been more commonly associated with offshore crypto trading venues.

The statement will be published in the Federal Register, giving market participants a formal reference point for future applications. For U.S. exchanges and firms developing digital asset derivatives, the guidance signals that additional perpetual contracts may be considered, but only through product-specific regulatory review.

Our earlier article on Treasury and IRS Section 892 guidance outlined how U.S. agencies proposed grandfathering protection and transitional relief for foreign governments and sovereign wealth funds investing in passive U.S. assets. The update focused on new applicability dates tied to the Dec. 15, 2025 proposal and a transition window—at least 90 days after publication or until the next taxable year—intended to preserve existing investment structures while final rules are developed.

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