WASHINGTON, June 12, 2026 — The U.S. Commodity Futures Trading Commission’s Division of Market Oversight issued a no-action letter allowing designated contract markets to convert existing perpetual-style digital commodity futures contracts into true digital commodity perpetual futures by removing their expiration dates, subject to specified conditions.
The relief follows recent Commission actions that clarified the regulatory treatment of perpetual futures referencing bitcoin and other digital commodities with deep, active and continuous spot market trading.
From perpetual-style to true perpetual futures
According to CFTC Letter No. 26-19, the no-action positions were issued in response to requests submitted on June 12 by Coinbase Derivatives LLC and Bitnomial Exchange LLC.
The letter explains that regulatory uncertainty surrounding perpetual futures in the United States led exchanges to introduce perpetual-style contracts with long-dated expirations, including maturities extending up to 25 years. Although these contracts contained expiration dates, they relied on a periodic funding rate mechanism designed to maintain relative price parity with the underlying asset’s spot price, similar to true perpetual futures.
The Division noted that most trading activity in perpetual futures developed outside the United States because of uncertainty regarding their classification.
Conditions of the no-action relief
Under the no-action positions, designated contract markets may amend existing perpetual-style digital commodity futures contracts and remove their expiration dates with immediate effect, provided they satisfy specified customer protection and procedural requirements.
The conditions require exchanges to solicit feedback from market participants with open positions, provide at least five calendar days’ notice before implementing the amendments, offer participants an opportunity to close positions under the existing contract terms, and provide appropriate risk disclosures. The exchanges must also ensure that no material contract terms other than the expiration date are modified, file the amendments under CFTC Regulations 40.5 or 40.6, and notify the Division while certifying compliance with all conditions.
The relief applies only to contracts referencing digital commodities consistent with the Commission’s May 29 order on perpetual futures and does not extend to other asset classes.
Why it matters
The no-action letter provides a mechanism for U.S. exchanges to transition existing perpetual-style contracts into true perpetual futures while allowing market participants to maintain existing positions, subject to the conditions outlined by the Division.
The development builds on a series of actions announced by the CFTC on May 29, including the approval of KalshiEX’s BTCPERP contract and the publication of a policy statement concerning the listing of perpetual contracts. Together, those measures are aimed at establishing a regulatory framework for digital commodity perpetual futures within U.S. markets.
The Division stated that the no-action positions expire on June 30, 2026.
