What American crypto asset perpetuals mean for the future of crypto

The Commodity Futures Trading Commission this morning permitted a CFTC-registered exchange to list a true bitcoin perpetual contract, opening a path for one of the most liquid crypto market segments to operate within the U.S. regulatory framework. Having true perpetual contracts in the United States is a major step toward President Trump’s goal of cementing America as the crypto capital of the world.

A perpetual contract has no fixed expiration; counterparties periodically exchange a funding rate payment to keep prices aligned with the underlying spot. That design suits 24/7 markets by allowing continuous exposure without rollovers. First theorized in 1992 by Robert Shiller, perpetuals have become a foundational risk-management and price-discovery tool in global crypto markets.

Until now the CFTC had not provided a workable pathway for compliant crypto perpetuals, so trading migrated offshore, fragmenting liquidity and disadvantaging American firms and market participants.

United States

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