CFTC Defends Perpetual Contracts as US Exchanges Adapt Crypto Trading Model
The Commodity Futures Trading Commission (CFTC) is defending its approach to perpetual contracts in US financial markets. The regulator has asked a federal court to dismiss CME's challenge to Kalshi's Bitcoin perpetual contract, arguing that CME can list similarly structured digital commodity products if it chooses to.
CryptoQuant data shows that global crypto perpetual-futures volume reached about $61.7 trillion in 2025, up 29% from the previous year. The CFTC's policy defines designated contract markets as those that can list similarly structured perpetuals tied to Bitcoin and digital commodities with deep, active, and continuous spot markets.
Kalshi is reportedly preparing to seek approval for a West Texas Intermediate crude-oil version of its perpetual contracts. A WTI proposal would follow the CFTC's case-by-case review process, which will confront the practical differences between a cash-referenced crypto contract and a market built around a physical commodity with established delivery infrastructure.
The development has significant implications for the spread of perpetual-style futures in regulated US markets. The next phase will depend on whether CME has standing, how a court classifies the Kalshi contract, which venues can meet the CFTC's conditions, and whether regulators allow the model to extend from digital commodities to on-chain prices and physical markets.