CFTC proposes rule to allow crypto perpetual futures on U.S. exchanges, ending offshore dominance. 60-day comment period begins. Impact on Coinbase, CME, and retail traders.
The Commodity Futures Trading Commission has taken a significant step toward bringing crypto perpetual futures onshore, creating a regulatory pathway for one of the most heavily traded products in the global digital asset market. The move signals a potential shift in how U.S. regulators approach derivatives tied to digital assets, moving from enforcement-only posture to structured rulemaking.
The CFTC issued a proposed rule that would permit the listing and clearing of crypto perpetual futures on registered exchanges and clearinghouses. Perpetual futures, which have no expiration date and use a funding rate mechanism to track spot prices, are the dominant product on offshore crypto exchanges like Binance, Bybit, and OKX. Until now, U.S. regulators have effectively barred them, citing concerns over leverage, retail protection, and market integrity.
The proposal includes specific margin requirements, position limits, and risk management standards. It also requires that the underlying digital asset be fully collateralized and subject to real-time surveillance for manipulation. The CFTC is seeking public comment before finalizing the rule, a process that typically takes several months.
If finalized, the rule would directly affect several groups:
The assets most directly tied to the rule are Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market cap and the primary underlyings for perpetual futures globally. Solana (SOL) and other altcoins with active perpetual markets could follow if the CFTC expands the eligible asset list.
The CFTC has set a 60-day public comment period after the proposal is published in the Federal Register. Industry participants, including exchanges, clearinghouses, and trade associations, are expected to submit detailed feedback on margin models, default management, and the definition of a "perpetual" contract under the Commodity Exchange Act.
A final rule could take effect in late 2025 or early 2026, depending on the volume of comments and any congressional review. The CFTC's Division of Market Oversight will handle implementation, including the approval of exchange rulebooks and clearinghouse risk models.
The regulatory pathway reduces several risks for market participants:
Several factors could undermine the rule's impact:
The CFTC's move comes as global regulators in the EU, UK, and Singapore have already permitted perpetual futures under varying frameworks. The U.S. has lagged, forcing institutional traders to use offshore venues or rely on total return swaps and structured notes as substitutes. The proposed rule would align the U.S. with international norms while maintaining CFTC oversight.
ICE has pushed regulators for 24/7 onchain perpetual futures, and the CFTC's proposal could accelerate that effort by providing a clear legal foundation for blockchain-based settlement. The Brookings Institution has warned that the CFTC lacks the resources to oversee a rapidly expanding crypto derivatives market, a concern the agency will need to address during the comment period.
The critical date is the end of the comment period, after which the CFTC will publish a final rule or a revised proposal. Market participants should watch for signals on leverage limits and asset eligibility, as those details will determine whether the rule reshapes the market or merely codifies existing offshore practices. If the CFTC adopts a framework that balances access with risk controls, the U.S. could become a major venue for crypto perpetuals, pulling volume and liquidity onshore for the first time.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.