Overview
- The CFTC published a 22‑page request for comment on June 22 that asks 67 detailed questions about allowing standard futures to trade 24/7 and permitting perpetual‑style contracts to reference physically delivered or storable energy commodities.
- The agency’s move follows its May 29 approval of the first U.S. regulated bitcoin perpetual, a decision that industry participants say opened a path for perpetuals to be listed onshore.
- Exchanges and trading venues are racing to respond: Kalshi, Kraken and Coinbase‑linked offerings have launched or listed crypto perpetuals and Cboe is publicly considering converting its Bitcoin and Ether continuous futures into true perpetual contracts.
- Regulators flagged practical hurdles including how funding‑rate mechanics would work when cash markets are closed, how weekend margin calls would clear without Fedwire, and whether tokenized collateral or stablecoins would be needed for off‑hours settlement.
- The public comment period runs roughly 30 days and faces a live legal threat from CME Group, which has sued arguing perpetuals qualify as swaps and that the classification could reshape allowable product designs and clearing requirements.