US Regulators Launch Joint Review of Crypto Perpetual Futures

The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have launched a joint public consultation on how to classify crypto perpetual futures and other novel derivatives products. The review could influence which regulators oversee these contracts and what compliance requirements apply to exchanges.

The agencies are seeking feedback on product definitions, event contracts, alternative compliance frameworks, and innovative market structures before determining how future products should be treated. This consultation comes weeks after the CFTC approved KalshiEX's BTCPERP contract, a cash-settled Bitcoin-linked perpetual futures product that has become a focal point in the broader classification debate.

The classification of crypto perpetuals has significant implications because it can determine which regulator oversees a contract, where it can be listed, and what compliance obligations apply. Industry participants have 60 days after publication in the Federal Register to submit comments that could influence future US crypto derivatives policy.