CFTC Allows US Crypto Exchanges to Convert Futures into True Perpetuals
The CFTC has quietly modernized US crypto derivatives markets with a new no-action letter. On June 12, 2026, the agency's Division of Market Oversight issued Staff Letter No. 26-19, granting conditional relief to designated contract markets (DCMs). This allows them to convert existing perpetual-style digital commodity futures into true perpetual futures by removing expiration dates.
The letter applies to two exchanges: Bitnomial Exchange, LLC, which requested relief for 16 contracts, and Coinbase Derivatives, LLC, which sought relief for 22 contracts. These products currently behave like perpetuals but have distant expiration dates, some extending up to 25 years. The key advantage is efficiency, as the letter enables DCMs to drop expirations without the usual regulatory delays.
The relief comes with strict conditions. Only contracts tied to digital commodities with deep, active, and continuous spot markets qualify, Bitcoin is the primary example. Exchanges must submit compliance certifications, solicit market feedback, and meet risk disclosure obligations. The relief is temporary, expiring on June 30, 2026, giving exchanges just under three weeks to act.
The move aligns with the CFTC's recent decisions, particularly the approval of KalshiEX LLC’s BTCPERP contract. By allowing existing contracts to transition into true perpetuals, the letter streamlines the process for traders and exchanges. For traders, the change simplifies clarity, while exchanges must act quickly to comply with the short timeline before the relief expires.