The Commodity Futures Trading Commission announced it has issued an Order for Approval to KalshiEX, LLC, a designated contract market, for the listing of the BTCPERP Contract, a perpetual contract that references the spot price of bitcoin, as a futures contract. Kalshi submitted the BTCPERP Contract pursuant to Commission Regulation 40.3 for Commission review and approval on May 29, 2026.
The Commission issued the Order under Section 5c(c)(4) of the Commodity Exchange Act, and Commission Regulation 40.3. After review of the submission and associated materials, the Commission determined that the BTCPERP Contract complies with the Commodity Exchange Act and the Commission’s regulations thereunder, including the Core Principles applicable to DCMs under Section 5(d) of the Act and Part 38 of the Commission’s regulations.
The Order requires, among other terms and conditions, that Kalshi list and maintain the BTCPERP Contract in compliance with all applicable provisions of the Commodity Exchange Act and the Commission’s regulations thereunder, as may be amended or adopted. The Order was based on representations and submissions made by Kalshi in support of its request for Commission approval, including its explanation and analysis of the BTCPERP Contract’s terms and conditions, the nature of the underlying commodity market, and the BTCPERP Contract’s compliance with applicable provisions of the Commodity Exchange Act and the Commission’s regulations thereunder, including the Core Principles applicable to DCMs.
The Commission recognizes that the perpetual contract design may not be suitable for all asset classes. With this in mind, and consistent with the Commission’s Policy Statement Concerning the Listing of Perpetual Contracts, the Commission encourages market participants to engage with Commission staff and submit for Commission review and approval any perpetual contract on assets that are not contemplated in the Order pursuant to the voluntary product approval process under Commission Regulation 40.3.
Source: CFTC
Commission Staff Confirms the Categorization of Certain Crypto Asset Perpetuals as Foreign Futures and Issues No-Action Letter Regarding FCM Transfers of Customer Crypto Assets to Foreign Brokers as Margin
The Market Participants Division of the Commodity Futures Trading Commission announced it has issued an interpretation and a no-action position in response to a request from Coinbase Financial Markets, Inc., a registered futures commission merchant. The positions relate to CFM’s plan to offer certain digital commodity derivatives products listed on CFM’s affiliated foreign board of trade, Deribit FZE.
The staff letter confirms that, consistent with the May 29, 2026, Order Approving KalshiEX LLC BTCPERP Futures Contract, the perpetual contracts described in the letter may be categorized as foreign futures as defined in Commission Regulation 30.1. Additionally, the letter states that, subject to certain specified conditions, MPD will not recommend the Commission take an enforcement action against CFM for posting customer-owned digital commodities and payment stablecoins with CFM’s foreign broker affiliate to margin its foreign futures and foreign options positions on CFM’s affiliate foreign board of trade under circumstances where the foreign broker has obtained a right of re-use over the customer-owned assets.
Source: CFTC
CFTC Issues Policy Statement Concerning the Listing of Perpetual Contracts
The Commodity Futures Trading Commission issued a policy statement describing the views of the Commission concerning the listing of perpetual contracts. This policy statement was issued contemporaneously with an order permitting the listing of a perpetual contract, which references the spot price of bitcoin, by a DCM as a futures contract.
The policy statement makes clear that, given the unique characteristics of perpetual contracts, which tend to vary based on the underlying asset they reference, the Commission is of the view that the case-by-case review process detailed in Commission Regulation 40.3 is appropriate for the listing of perpetual contracts that reference asset classes that are not contemplated in the Order.
The policy statement will be published in the Federal Register.
-CFTC-
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