CFTC No-Action Relief Enables True Digital Commodity Perpetual Futures
CFTC Division of Market Oversight issued no-action relief for DCMs converting perpetual-style digital commodity futures into true perpetual futures.
The CFTC is enabling US contract markets to offer true perpetual futures on bitcoin and other digital commodities, following recent clarifying actions. This expands the US-regulated crypto derivatives landscape and introduces new product risk, margining, and surveillance considerations for FCMs and clearinghouses.
Materially expands US-regulated crypto derivatives, requiring new product risk and margin controls.
Action Required
Evaluate listing, clearing, and risk frameworks to support true perpetual futures on bitcoin and other deep digital commodities.
Introduces a new regulated product class with distinct funding rate, margin, and liquidation mechanics.
Assess product approval, margin model, surveillance, and client suitability controls for true crypto perpetual futures. Update new product approval and risk appetite frameworks accordingly.
“The CFTC's Division of Market Oversight issued no-action relief to designated contract markets converting perpetual-style digital commodity futures into true digital commodity perpetual futures, following recent Commission actions clarifying treatment of true perpetual futures on bitcoin and other digital commodities.”