The Commodity Futures Trading Commission has approved crypto perpetual futures contracts, a regulatory first for a product that has thrived in offshore markets. In an advisory released this week, the agency said that 24/7 trading is appropriate for digital assets but cautioned that the same structure may not be suitable for other sectors.
What the CFTC signed off on
Perpetual futures — contracts with no expiration date that trade on margin — have been a staple of crypto exchanges for years. But until now, U.S. regulators had not explicitly blessed them. The CFTC's approval gives exchanges a clear framework to offer the product to American traders, a shift that could pull activity back onshore.
The 24/7 carve-out
The advisory draws a sharp line between crypto and traditional markets. It states that the round-the-clock trading cadence common in crypto is suitable for the asset class itself, but warns regulators and exchanges not to assume the same model works for equities, commodities or other derivatives. The reasoning: crypto markets never sleep, but other markets might not handle nonstop settlement and risk management the same way.
What comes next
The approval removes a key legal uncertainty for exchanges that have been waiting for regulatory clarity. Firms will now need to submit specific contract terms and risk controls to the CFTC for review. The advisory also hints at stricter oversight for any attempt to stretch the model beyond crypto — a signal that the agency is drawing a boundary early.
