CFTC weighs new perpetuals framework — what changes for U.S. traders
A draft framework would create a regulated path for perpetuals to clear on U.S. venues. Here is what we know.
The CFTC has reportedly circulated a draft framework that would establish a regulated path for crypto perpetual futures to clear on U.S. designated contract markets. The draft is preliminary, and any final framework would need to navigate the SEC-CFTC jurisdictional boundary, but the direction of travel is notable.
What the draft proposes
The high-level structure mirrors traditional futures: cleared via a DCO, margined to a standardized methodology, daily settlement against an index price. The novel elements are around funding-rate mechanics and 24/7 trading.
About the author
Kenji Tanaka
Senior Reporter, Asia-Pacific · JD/MBA · former regulator-side counsel
DeFi and regulation reporter at DMC. Hong Kong / Tokyo time-zone overnight beat. Reading filings and on-chain governance so you do not have to.
