CFTC May Approve First U.S. Crypto Perp Futures in the Coming Weeks

Summer Mersinger, first deputy chair of the U.S. Commodity Futures Trading Commission (CFTC), stated that the agency is nearing approval of perpetual futures for digital assets.

According to Mersinger, several proposals are currently under review, and the first contracts could begin trading in the U.S. within weeks. Perpetual futures allow traders to gain exposure to cryptocurrencies without taking ownership of the underlying tokens, and to hold positions indefinitely, often with high leverage (up to 125x on foreign platforms).

Until now, perpetual futures have been available only on offshore platforms such as Binance, OKX, and Bybit, due to regulatory restrictions in the U.S. Mersinger underscored the importance of bringing these products back under the U.S. regulatory umbrella, pointing to the benefits of robust oversight and increased market transparency.

Moreover, she that progress on the GENIUS Act reflects growing recognition by the government of digital assets as a distinct and legitimate segment of the financial system, opening the door to a broader range of regulated products. However, the initial wave of perpetual futures will likely be limited to major cryptocurrencies.

Futures Come Ashore

The introduction of U.S.-based perpetual futures could reshape the global landscape. Currently, Binance dominates the market, handling roughly $95 billion in perpetual trading volume daily and supporting more than 500 trading pairs. Shifting part of that activity to U.S. exchanges would not only give American traders access to a long-awaited product but also enhance liquidity across domestic platforms.

Related: Crypto Futures. How Does It Work?

However, analysts note that the rollout’s success will hinge on aligning margin requirements and liquidation procedures. Effective implementation will require close collaboration between regulators, exchanges, and other market participants. Additionally, Mersinger emphasized that the crypto market is ready for a more transparent, rules-based environment.

What’s Next?

The launch of perpetual crypto futures under CFTC oversight could prove transformative for the U.S. financial market, where digital assets are taking on an increasingly prominent role. According to both industry participants and Mersinger herself, regulatory approval would spur institutional investment and strengthen the United States’ position as a global leader in the sector:

We really are going to make the United States the forefront of economic power that we can see from these tokens and this asset class.

The decision may mark one of Mersinger’s final moves at the CFTC. This summer, she is set to depart the agency to become CEO of the Blockchain Association, a major industry group representing more than 100 digital asset firms. She will succeed prominent crypto advocate Kristin Smith, who resigns to lead the Solana Policy Institute.

Related: Kristin Smith: The Voice of the Crypto Industry on Capitol Hill