CFTC clears first regulated perpetual BTC contract for U.S. exchange, sets leverage and volatility guards

The Commodity Futures Trading Commission has approved the listing of the first bitcoin perpetual futures contract on a CFTC‑registered exchange, a move CFTC Chairman Mike Selig described as the first “true” bitcoin perpetual permitted under the agency’s framework ^{[1] [2]}.

CFTC staff also indicated that certain crypto perpetuals may be treated as foreign futures and issued no‑action relief related to their use; the agency did not disclose the name of the exchange cleared to offer the product and said it expects controls on leverage, volatility and systemic risk ^{[1] [3]}.

Observers say the approval opens a pathway for regulated U.S. firms to engage in perpetual futures and could improve market transparency and stability, potentially making the market more accessible to institutional participants ^{[2] [4]}.

The CFTC action creates a regulated route for bitcoin perpetuals in the U.S. while leaving key operational details, including the identity of the cleared exchange and specific risk‑mitigation rules, to be clarified by the agency and market participants ^{[1] [3]}.