CFTC Plans to Release Policy Guidance for U.S. Crypto Perpetual Futures
CFTC Chair Mike Selig says the agency is close to enabling U.S.-based crypto perpetual futures trading, while regulators also explore frameworks for DeFi systems and seek to bring offshore derivatives liquidity back under domestic oversight.
CFTC Chair Mike Selig stated that the agency is working to introduce rules allowing crypto perpetual futures to trade within the United States within weeks, aiming to reclaim derivatives liquidity that has largely migrated to offshore exchanges. The initiative forms part of the broader interagency “Project Crypto” effort to modernize financial regulation and address areas such as DeFi protocols and blockchain-based systems. The development has drawn support from the Hyperliquid Policy Center, which was recently established with a grant of 1 million HYPE tokens to help shape regulatory frameworks for decentralized perpetual derivatives markets. Trading activity across global perpetual futures platforms has expanded significantly, reaching about $829 billion in monthly volume since late 2025, highlighting the scale of the market the CFTC seeks to bring under domestic regulatory oversight.
- Perpetual futures: Crypto derivative contracts with no expiration date that allow traders to maintain leveraged positions indefinitely, typically using funding mechanisms to keep prices aligned with spot markets.
- CFTC (U.S. derivatives regulator): The Commodity Futures Trading Commission is the U.S. federal agency responsible for regulating futures, options, and swaps markets, including crypto derivatives trading platforms.
- DeFi (decentralized finance): Blockchain-based financial systems that provide services such as trading, lending, and derivatives through smart contracts without traditional financial intermediaries.