CFTC Staff No-Action Letter Opens Path For True Digital Commodity Perpetuals
CFTC staff guidance gives registered U.S. Designated Contract Markets a narrow path to offer or convert certain crypto perpetual-style futures into true perpetual futures, subject to conditions such as participant feedback, exit rights, and risk disclosures. The relief applies to CFTC-registered domestic venues, not offshore exchanges, and does not legalize unregulated offshore perpetuals for U.S. retail traders. This matters because perpetual futures dominate global crypto derivatives trading, but most volume has historically been offshore. The guidance could let compliant U.S. venues offer a product closer to the market’s standard format, potentially improving regulated liquidity and bringing more activity under U.S. supervision. The key follow-up is which DCMs use the relief and whether the CFTC issues more product-specific guidance.
