US poised to approve crypto perpetual futures, challenging offshore dominance
CFTC Chairman signals 'true perpetual' derivatives could launch within weeks, shifting market from Binance to regulated US platforms
The United States is poised to approve cryptocurrency perpetual futures contracts within weeks, a move that would end years of offshore dominance by exchanges like Binance and redirect trading volume to regulated American platforms.
CFTC Chairman Michael Selig said at the Milken Institute's Future of Finance conference that the regulator is ["working toward getting perpetual futures — true perpetual futures, not long-dated contracts — here in the US in the next month or so"], according to reports by Futures and Options World. The announcement marks a significant shift from the previous administration's approach to digital asset regulation.
CME Group shares rose 1.5% to $298.42 following the news, giving the world's largest derivatives exchange a market capitalization of $108.8bn. The Chicago-based exchange already offers crypto futures and is positioned to expand into perpetuals. Coinbase Global, which has a $48.8bn market cap, declined 3.5% to $174.74 amid broader technology sector weakness but gains a structural tailwind as regulatory clarity emerges for crypto derivatives.
Perpetual futures, which allow traders to hold positions indefinitely without expiration dates, have become one of the most popular crypto trading instruments globally. Yet US traders have been forced to access these products through offshore exchanges or use workarounds like 50-year futures contracts because regulatory uncertainty kept the products off domestic platforms.
The market opportunity is substantial. Binance alone captured approximately 40% of spot and Bitcoin perpetual volumes across major global exchanges in 2025, processing $25.4tn in Bitcoin perpetual futures volume. Decentralized exchange perpetual futures volumes surpassed $1.2tn per month by the end of 2025, demonstrating strong demand for these products.
"The CFTC's focus under Chairman Selig is to ensure well-surveilled markets with appropriate safeguards and protections in place for these products," according to legal analysis by Reed Smith. The agency has established an innovation task force dedicated to crypto, prediction markets, and artificial intelligence.
Selig, who was sworn in as the 16th CFTC Chairman on December 22, 2025, has emphasized the reintroduction of crypto perpetual futures as a key regulatory priority. He highlighted the close collaboration between the CFTC and SEC through "Project Crypto", a joint initiative to standardize definitions and regulatory approaches.
The regulatory shift could unlock institutional capital that has been sidelined due to regulatory uncertainties. Coinbase already launched CFTC-regulated "perpetual-style" futures for US customers in July 2025 as a temporary solution, positioning the exchange to quickly transition to true perpetual contracts once approved.
CME's low beta of 0.26 compared to Coinbase's high beta of 3.71 reflects their different risk profiles. CME offers steady cash flows from its derivatives franchise across multiple asset classes, while Coinbase's revenue is more directly tied to crypto market cycles. Both companies stand to benefit from increased derivatives market share shifting to US-regulated platforms.
Analysts have mixed views on the timeline but agree the regulatory direction is clear. The approval would represent a milestone for the US crypto industry, bringing one of its most popular trading products under domestic oversight and potentially reducing the $25tn-plus annual volume that currently flows through offshore venues.