CFTC Clears BTCPERP as the First Regulated Perpetual Futures Contract

The U.S. Commodity Futures Trading Commission (CFTC) has approved BTCPERP, designating it as the first perpetual futures contract to operate within a regulated U.S. framework. The Commission said perpetual contracts can be addressed under existing derivatives law through funding-rate mechanics and cash-settled pricing, reflecting its updated interpretation of "futurity." CFTC Chairman Michael S. Selig said judicial decisions and longstanding precedent guide what qualifies as "contracts for future delivery," allowing perpetual-style instruments that do not have a fixed expiration date. Under Selig's framework, futurity is tied to exposure to future price or value, not the presence of a set maturity. Officials noted that cash-settled derivatives and funding-rate structures already exist in U.S. markets, and that the BTCPERP design mirrors these established practices through periodic payments between long and short positions. The CFTC also announced senior staff appointments aimed at strengthening oversight capabilities in data science, blockchain forensics, and derivatives regulation. Donald Battle was named chief data innovation officer within the Division of Data and will serve on the Innovation Task Force. Battle previously worked at the SEC on Commissioner Hester Peirce's Crypto Task Force and at FinCEN on virtual-currency enforcement and anti-money-laundering efforts. Separately, J Matthew Haws was appointed senior advisor and Chicago Regional Administrator. The agency cited more than 13 years of derivatives legal and compliance advisory experience, including roles at Marex and Katten Muchin Rosenman LLP.