CFTC Establishes U.S. Path as Trump Says Selig Is Working to Bring Hyperliquid to U.S.
The agency approved KalshiEX’s Bitcoin-linked BTCPERP contract and will review other perpetual products case by case.
The Commodity Futures Trading Commission has established a U.S. regulatory path for certain crypto perpetual futures, beginning with approval of KalshiEX’s Bitcoin (BTC)-linked BTCPERP contract on May 29.
The cash-settled contract tracks Bitcoin’s spot price and has no fixed expiration date. Kalshi submitted it for review May 28 under CFTC Regulation 40.3.
Perpetual futures generally use periodic funding payments to keep their prices aligned with an underlying asset instead of settling on a scheduled expiration date. The CFTC’s policy allows case-by-case review of perpetual contracts tied to other asset classes.
CFTC Chair Michael Selig described the approval as part of a workable framework for “true crypto asset perpetual contracts.” He said the approach supports President Donald Trump’s goal of making the United States “the crypto capital of the world.”
The agency’s June 12 no-action relief also allows designated contract markets to convert certain existing perpetual-style digital commodity futures into true perpetual contracts, subject to customer-protection and procedural requirements.
Trump said Aug. 19 that Selig was working to bring Hyperliquid into the United States “in a fully compliant and legal fashion.” No approval, filing or launch plan for Hyperliquid has been publicly confirmed.
The regulatory activity extends beyond crypto assets. The Securities and Exchange Commission is reviewing Coinbase Derivatives’ proposed cash-settled futures on individual stocks and exchange-traded fund shares, including perpetual single-stock futures.
The proposed contracts would have no fixed expiration date and would not give traders ownership of the underlying stocks or funds. The public-comment period ends Oct. 14.
The CFTC’s actions do not amount to blanket approval for all perpetual products. The agency has approved one Bitcoin-linked contract, while products tied to other asset classes remain subject to individual review.
