SEC Approves First Active Crypto ETF, CFTC OKs Onshore Futures

The Securities and Exchange Commission approved the first actively managed crypto exchange-traded fund this week. The Commodity Futures Trading Commission separately cleared a path for U.S.-listed perpetual futures contracts. Both decisions expand the range of regulated crypto products available to domestic investors.

Actively managed ETFs hold a portfolio selected by a fund manager rather than tracking a single index. The structure lets the manager shift allocations between coins or into cash based on market conditions. The SEC's approval follows years of applications for spot crypto ETFs, which the agency rejected until 2024.

Perpetual futures track the spot price of an asset but never expire. Offshore exchanges have dominated the market for these contracts. The CFTC's move brings the product under U.S. oversight for the first time, subjecting it to margin requirements and position limits enforced by a registered clearinghouse.

Both approvals lower compliance barriers for institutional money. Banks and asset managers can now offer crypto exposure through familiar structures. The ETF's prospectus lists Bitcoin and Solana among its initial holdings. Perpetual futures give hedgers and speculators a regulated tool to express directional views without rolling expiring contracts.

The Federal Reserve meets July 26-27. CME data shows a 70% probability of a quarter-point rate cut. A cut would reduce the opportunity cost of holding non-yielding assets like crypto. A hold would leave rates at their highest level in two decades.

The SEC's order takes effect immediately. The CFTC said it will begin accepting applications for perpetual futures products next month.