Key Takeaways:
- CFTC approved bitcoin perpetual futures for a regulated US exchange
- The product brings the most-traded crypto derivative under US oversight
- Decision could shift volume from offshore platforms to regulated venues
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CFTC approves first bitcoin perpetual futures for regulated US exchange
The U.S. Commodity Futures Trading Commission on Thursday approved the first bitcoin perpetual futures contracts for listing on a regulated domestic exchange, bringing the most actively traded crypto derivative under federal oversight.
CFTC Chairman Mike Selig said the approval reflects the agency's commitment to providing regulated access to digital asset products, according to a statement released Thursday.
Perpetual futures, which have no expiration date and use a funding rate mechanism to track spot prices, account for the majority of crypto derivatives trading globally, with offshore platforms including Binance and Hyperliquid dominating the market, according to Coinglass data.
The decision could redirect a portion of that volume to US-regulated venues, potentially capturing billions of dollars in trading activity that currently flows through non-US exchanges. The approval also sets a precedent for additional crypto derivative products to gain clearance under the current regulatory framework.
The CFTC's move follows the Securities and Exchange Commission's conditional approval of Nasdaq bitcoin index options earlier this month, as both agencies move toward accommodating crypto derivatives within the US regulatory perimeter. The SEC, under Chairman Paul Atkins, has adopted a more crypto-friendly posture, dropping several enforcement cases and exploring an "innovation exemption" for tokenized securities.
Bitcoin traded at $72,642 as of 14:30 UTC Friday, up 0.4% in the past 24 hours, according to CoinGecko. The broader crypto market has faced headwinds recently, with bitcoin ETF outflows extending to a record nine-day streak totaling $2.8 billion.
The perpetual futures approval does not yet specify which exchange will list the contracts or when trading will commence. The CFTC's order grants exemptive relief to a regulated entity, the name of which has not been disclosed.
This article is for informational purposes only and does not constitute investment advice.
[1] US CFTC approves first bitcoin perpetual futures contracts for regulated exchange[2] SEC approves Nasdaq to list Bitcoin index options on the exchange[3] Bitcoin options are coming to Nasdaq. Here's what it means for you[4] CFTC asks judge to toss Biden-era settlement with Winklevoss twins' crypto exchange[5] Nasdaq Bitcoin Index Options Get SEC Green Light — But There's a Catch
