CFTC Issues Policy Statement on Listing Perpetual Contracts (91 FR 33160)

Q: What does the Federal Register notice at 91 FR 33160 (FR Doc. 2026-11020) address?

A: Published by the Commodity Futures Trading Commission (CFTC), this notice outlines the agency’s official Policy Statement Concerning the Listing of Perpetual Contracts. The policy establishes formal guidelines for how Designated Contract Markets (DCMs) can list perpetual contracts—which lack a fixed expiration date and rely on periodic funding rate mechanisms instead of traditional expiration dates to maintain price convergence with the underlying spot asset.

Q: What are the key regulatory requirements established in the policy statement?

A: * Prior Commission Review via Regulation 40.3: The CFTC states that because perpetual contracts lack a traditional expiration date and raise complex questions regarding market structure, manipulation resistance (Core Principle 3), and customer protection, they should not be self-certified under Commission Regulation 40.2. Instead, exchanges seeking to list perpetual contracts referencing asset classes not contemplated in accompanying orders must submit them for prior review and approval under the voluntary product approval process of Commission Regulation 40.3.

• Companion Order on Bitcoin Perpetual Contracts: Issued concurrently with the policy statement, the Commission released an order permitting a DCM to list a futures contract referencing the spot price of bitcoin via a perpetual structure. However, the policy clarifies that perpetual contracts referencing other asset classes (such as agricultural products, precious metals, and equity securities) raise distinct considerations and require independent, case-by-case review.
• Fostering Domestic Innovation: The policy is designed to provide clear regulatory pathways, encouraging innovative crypto and financial derivatives products to develop within regulated U.S. markets rather than migrating entirely to offshore venues.

Q: Why does this policy statement matter for exchange operators and market participants?

A: Perpetual contracts represent the dominant trading volume driver in global crypto derivatives markets, but legal and structural uncertainty has historically kept them confined largely to offshore platforms. By establishing a transparent framework requiring Regulation 40.3 prior review—while opening the door to compliant domestic listings like bitcoin perpetuals—the CFTC is carving out a structured route for mainstream financial infrastructure to safely integrate perpetual products.

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