The chairman of the U.S. Commodity Futures Trading Commission announced that regulated perpetual futures contracts for cryptocurrencies are expected to launch domestically within roughly a month. This shift aims to repatriate trading activity previously driven offshore and comes as major cryptocurrencies, led by Bitcoin near $71,000, posted significant overnight gains of 4-6%.
CFTC Chairman Mike Selig stated his agency is working to bring “true perpetual futures here in the U.S. within the next month or so.” These contracts, which allow indefinite leveraged crypto exposure without an expiration date, represent over 90% of global crypto derivatives volume. Selig noted “The prior administration drove a lot of these firms and the liquidity offshore” and emphasized regulators do not want firms “stuck in the past.”
The imminent guidance and rulemaking process raises questions for leading onchain perpetuals platform Hyperliquid, which holds over $11 billion in open interest. Regulatory legitimacy could attract sidelined institutional capital, validating the entire market. However, new U.S. offerings from regulated entities like Coinbase or Kraken may appeal more to institutions seeking prime brokerage relationships and audited infrastructure.
In broader market movements, Bitcoin rose 4% to approximately $71,000 while Ethereum gained 3%. Former President Donald Trump accused banks of undermining the GENIUS Act and holding the CLARITY Act “hostage” in a social media post. Michael Saylor’s STRC share sale raised enough capital to purchase an estimated 1,016 Bitcoin, setting a new daily record.
