Crypto perps’ US future to be defined by what regulators decide to call them
The SEC and CFTC have opened a 60-day comment process on how to define swaps, security-based swaps, mixed swaps, event contracts, novel products, and alternative compliance paths. That matters because product labels determine which regulator oversees a contract, which venues can list it, and what rules apply. The debate now reaches crypto perpetual futures, prediction markets, and other hybrid derivatives that do not fit cleanly into legacy categories. A key example is Kalshi’s Bitcoin perp, which the CFTC approved as a futures contract tied to Bitcoin’s spot price, with continuous marking and funding payments. That approval shows how a crypto-style perp can be treated under US futures law, but it also invites challenges over whether such products should instead be classified as swaps or something else. The agencies’ March harmonization memo and separate event-contract rulemaking show a broader push to coordinate oversight while preserving statutory limits. Comment letters from exchanges, crypto venues, market makers, and public-interest groups will shape whether these products can launch onshore under workable US rules.
