The Commodity Futures Trading Commission (CFTC) has launched a public consultation on perpetual contracts linked to physical energy commodities such as crude oil. The review aims to expand the perpetual futures model beyond crypto markets and assess how new contract structures interact with market integrity and anti-manipulation safeguards.
The CFTC recently approved regulated perpetual Bitcoin (BTC) futures, which has led to a broader examination of how perpetual contract structures could apply to other asset classes. The agency is seeking feedback on standard futures contracts operating on a 24/7 schedule without changing expiry or settlement terms and how perpetual contracts would function when linked to physical commodities with storage and delivery costs.
The consultation follows a legal dispute between CME Group and the CFTC, with CME arguing that perpetual futures should be regulated as swaps rather than standard futures contracts. Comments will be accepted for 30 days after publication in the Federal Register and will inform future policy considerations.