The US Commodity Futures Trading Commission has issued its first approval for a regulated firm to offer crypto perpetual futures contracts, establishing a formal regulatory framework for the products in the United States. Perpetual futures, which have no expiry date and are settled continuously using funding rates, have long been dominant instruments in offshore crypto derivatives markets but have operated in a legal grey area domestically. The CFTC's decision signals a meaningful shift in how American regulators view these instruments, potentially opening the door for broader institutional participation. The move could draw significant trading volume back onshore from unregulated offshore venues and set compliance benchmarks that other firms will need to meet to enter the market.
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