SGX Seeks CFTC Approval for Bitcoin and Ether Perpetual Futures in US

US President Donald Trump's push for more crypto activity in the US regulatory system has opened the door for Singapore Exchange (SGX) to expand its cryptocurrency derivatives business into the American market. The exchange, which already offers Bitcoin and Ether perpetual futures to institutional investors, is seeking to tap into a larger pool of US clients.

SGX filed with the US Commodity Futures Trading Commission (CFTC) last month for approval to offer these products in the US. If no objection is raised within 10 days, it will be able to provide Bitcoin and Ether perpetual futures to US institutions. These contracts do not have a fixed expiry date and allow traders to take leveraged positions based on the price of an underlying asset.

The move is part of a broader trend towards bringing crypto perpetual futures into the regulated market in the US. In August, President Trump signaled support for this development, stating that CFTC Chairman Michael Selig was working to bring Hyperliquid into the US in a fully compliant and legal manner. This has also attracted other players, including Coinbase, which has filed with the US Securities and Exchange Commission (SEC) to offer equity-based perpetual contracts.

SGX is seeking to differentiate itself through its existing institutional market and multi-asset platform, which allows investors to access crypto derivatives alongside products linked to equities, interest rates, currencies, and commodities. The exchange also sees its Asian trading hours as a potential advantage for US institutions looking for access to crypto derivatives beyond domestic market hours.