United States Regulator Opens the Door to Bitcoin Perpetual Futures

The Commodity Futures Trading Commission, the United States agency that oversees derivatives markets, approved the first domestically listed perpetual futures contracts on bitcoin and other cryptocurrencies. Perpetual futures are contracts that let traders make leveraged bets on price without an expiration date, and they have long been the dominant instrument on offshore crypto exchanges. The decision opens a path for Coinbase to route American traders into these products domestically.

Alongside the approvals, the regulator issued an advisory cautioning that round-the-clock trading suits cryptocurrency but may not fit other sectors, where continuous markets could strain clearing and risk management.

The move continues the formal integration of digital assets into the regulated United States financial system. Supporters say it brings activity onshore and under supervision. Skeptics say that extending high leverage to a volatile asset that trades every hour of every day raises the prospect of faster and larger forced sales during periods of market stress.