The Commodity Futures Trading Commission (CFTC) is preparing to approve crypto perpetual futures contracts for onshore U.S. trading, marking a significant development in the integration of digital assets into traditional financial infrastructure.
The move comes amid ongoing efforts by U.S. regulators to bring crypto-related derivatives under domestic supervision after years of offshore dominance.
In a public statement to Bloomberg, outgoing CFTC Commissioner Summer Mersinger revealed that the agency has received multiple applications to offer crypto perpetual futures. She suggested that formal approval and market debut of such products could happen in the near term. “I believe we’ll have some of those products trading live very soon,” Mersinger said. "It’s unfortunate that this space has been driven offshore for so long."
Crypto perpetual futures - derivatives that allow traders to speculate on the price of assets without expiration dates - have long been a mainstay on offshore exchanges like Binance and Bybit. Despite their popularity, the absence of regulatory clarity in the U.S. has limited their presence within the country’s financial markets. Mersinger's remarks signal a potential reversal of that trend.
By facilitating the introduction of regulated perpetual futures products, the CFTC may help repatriate a portion of crypto derivatives trading volume that has until now evaded U.S. oversight. This change could reduce counterparty risk, improve market integrity, and offer institutional investors access to regulated exposure.
Mersinger emphasized that onshore trading of these products would be beneficial not only for the crypto sector but for the broader U.S. economy. Her comments reflect a growing sentiment within regulatory circles that crypto markets, while volatile and still maturing, are becoming too integral to the financial system to remain unregulated or marginalized.
Multiple Departures Signal a Regulatory Crossroads
Mersinger is set to officially step down from the CFTC on May 30. Her next role will be at the Blockchain Association, a prominent crypto lobbying group based in Washington, D.C., where she is expected to advocate for favorable regulatory frameworks for digital assets.
She is not alone in leaving the commission. Three other commissioners have also announced their departures in recent months: Caroline Pham (Republican), Christy Goldsmith Romero (Democrat), and Kristin Johnson (Democrat). The simultaneous exit of four of the CFTC’s five commissioners underscores a broader transition within the agency as it grapples with increasing demands to modernize its approach to financial innovation.
Mersinger expressed confidence in the agency’s incoming leadership, stating that the new chairman has a "great voice for the crypto industry" and a clear understanding of the complexities surrounding crypto market regulation.
Political Underpinnings and Legislative Momentum
Mersinger's upcoming role at the Blockchain Association also reflects an increasingly blurred line between regulators and industry groups, a trend that has raised questions about regulatory capture and the revolving door between public service and private lobbying.
Nevertheless, her departure is aligned with broader legislative efforts underway in Congress to pass a comprehensive market structure bill and stablecoin regulation. Mersinger previously contributed to the development of these proposals and now hopes to influence their trajectory from outside the government. “The best place for me to contribute is through the opportunity that I have with the Blockchain Association,” she said.
The pending legislation seeks to clarify which federal agency - the Securities and Exchange Commission (SEC) or the CFTC - has jurisdiction over different aspects of crypto markets. Lawmakers and industry stakeholders alike have called for a "dual-track" approach that assigns the CFTC oversight over commodities-like crypto products, including Bitcoin and potentially Ether, while granting the SEC authority over crypto tokens deemed securities.
Market Impact and Industry Reception
Industry participants have long advocated for the approval of crypto perpetual futures under U.S. regulatory frameworks. The ability to offer these products on registered platforms such as CME or CBOE could reshape the liquidity landscape and allow hedge funds, asset managers, and proprietary trading firms to deploy more capital into crypto markets through familiar instruments.
Meanwhile, offshore exchanges have benefited from regulatory ambiguity. Binance, for example, continues to dominate perpetual futures volumes globally despite facing mounting legal challenges in the U.S. A credible, regulated alternative within the American financial system could reduce reliance on such platforms and enhance consumer protection.
However, the process of bringing these instruments onshore is complex. Exchanges seeking to list perpetual futures must meet stringent requirements under the Commodity Exchange Act (CEA) and must register as Designated Contract Markets (DCMs) or Swap Execution Facilities (SEFs). These platforms must also comply with surveillance, reporting, and customer protection rules.
Legal and Technical Hurdles
The CFTC's path to approving crypto perpetual futures is not without complications. Legal definitions of various crypto assets remain unsettled, particularly as the SEC continues to assert jurisdiction over tokens it deems unregistered securities.
The absence of clear legal categorization creates compliance risks for exchanges and may discourage innovation. It also affects product design, as exchanges must ensure that the underlying assets in perpetual futures contracts are not securities unless properly registered.
Another issue is the risk of market manipulation. Crypto derivatives markets have historically faced issues with wash trading, spoofing, and inadequate surveillance. For onshore perpetual futures to gain regulatory approval, exchanges will need to demonstrate robust risk controls and align their practices with traditional financial markets.
Regulatory Competition and Institutional Demand
The CFTC’s move could be seen as part of a broader effort to solidify its role as the primary regulator of crypto derivatives, especially in contrast to the SEC's more enforcement-driven posture. Institutional investors have increasingly shown interest in crypto derivatives, particularly as traditional firms like BlackRock and Fidelity have moved into the crypto ETF space.
Regulated perpetual futures could complement this institutional expansion by offering tools for risk management and market-making. The introduction of these products on U.S. soil may also help narrow the arbitrage gap between spot and derivative prices that currently plagues the fragmented crypto market.
Final thoughts
While no official timeline has been released for the approval of specific perpetual futures products, Mersinger’s remarks suggest that the CFTC is in the final stages of vetting at least some applications. The agency's willingness to approve these products may depend not just on internal readiness but also on broader political and interagency dynamics.
Should the approvals proceed, they could mark a turning point in the maturation of U.S.-regulated crypto markets. The transition would bring oversight, capital, and legitimacy to a part of the market that has so far operated largely in regulatory grey zones.
As Mersinger prepares to transition into her role with the Blockchain Association, the spotlight will remain on the CFTC and its next moves. Whether the agency continues down a path of proactive engagement or retreats in the face of interagency turf battles could shape the regulatory environment for years to come.