The SEC and the Commodity Futures Trading Commission (CFTC) said Friday they will consider allowing perpetual futures contracts to trade onshore in the United States, a move that could reshape access to one of the most widely used derivatives in global crypto markets.
What Happened: In a joint statement, SEC Chairman Paul S. Atkins and CFTC Acting Chair Caroline D. Pham said the agencies are exploring ways to harmonize their oversight to avoid regulatory gaps that have historically driven trading activity overseas.
"Failure to coordinate, and the resulting regulatory uncertainty, have chilled productive economic activity even when the products would otherwise be allowable under federal law," the statement said.
Perpetual contracts, derivatives with no expiry date, dominate offshore crypto markets but remain largely unavailable in the U.S. due to jurisdictional and definitional constraints.
The agencies said they may consider steps to permit trading of perpetual futures on SEC- and CFTC-regulated venues if investor protections and risk controls are met.
The announcement comes ahead of a September 29 joint SEC-CFTC roundtable on regulatory harmonization, where perpetuals, event contracts, portfolio margining, and 24/7 trading hours will be on the agenda.
The aim, the chairs said, is to establish "fit-for-purpose" rules that both enable innovation and preserve market safeguards.
Other areas under review include portfolio margining rules that currently force traders to post separate collateral at SEC- and CFTC-registered entities, raising costs and reducing efficiency.
Also Read: Sora Ventures Launches $1 Billion Bitcoin Treasury Fund To Accelerate Corporate Adoption Across Asia
Harmonized rules, the agencies said, could free up balance sheet capacity and lower barriers for institutional participation.
The regulators also acknowledged the growth of decentralized finance (DeFi), noting they may consider "innovation exemptions" to create safe harbors for peer-to-peer trading of leveraged or margined crypto assets, including perpetuals.
Why It Matters: The joint posture reflects a broader push to align U.S. markets with global competition.
Offshore platforms have drawn significant volumes in perpetual contracts, creating concerns about liquidity migration and investor protection.
The SEC and CFTC said their coordination aims to ensure the U.S. remains competitive as financial innovation evolves.
"By working in lockstep, our two agencies can harness our nation's unique regulatory structure into a source of strength," the statement concluded.
Read Next:
Image: Shutterstock
