WASHINGTON, May 29, 2026 — The Commodity Futures Trading Commission’s Market Participants Division issued an interpretation confirming that certain crypto-asset perpetual contracts offered on Deribit FZE may be categorized as foreign futures under Commission Regulation 30.1 and issued a no-action position regarding the posting of customer-owned digital commodities and payment stablecoins as margin collateral for certain foreign futures and foreign options positions.
The letter was issued in response to a request from Coinbase Financial Markets Inc., a registered futures commission merchant, regarding its plans to offer customers access to digital commodity derivatives products listed on Deribit, an affiliated foreign board of trade.
Staff confirms treatment of certain crypto perpetuals
According to the letter, Coinbase Financial Markets requested confirmation that Deribit perpetual contracts may be categorized as foreign futures when transacted by customers through the firm. The products are perpetual-term derivative contracts designed to provide economic exposure to the spot price of an underlying digital commodity through a funding-rate mechanism.
The Division confirmed that the Deribit perpetual contracts described in the request may be categorized as foreign futures under Commission Regulation 30.1. In reaching that conclusion, staff cited both the characteristics of the contracts and the Commission’s May 29 order approving KalshiEX LLC’s BTCPERP futures contract.
The letter states that the interpretation is limited to perpetual contracts structured similarly to the Deribit products and based on digital commodities with deep, active, and continuous spot market trading. It does not extend to perpetual contracts referencing other asset classes.
Letter references Kalshi approval order
The Division noted that the Commission’s approval of Kalshi’s BTCPERP contract considered the operation of the funding-rate mechanism used by perpetual contracts and the characteristics of the underlying spot market for bitcoin. Staff said those factors support the effective functioning of perpetual contracts referencing digital commodities with deep, active, and continuous spot market trading.
According to the letter, the Dubai Virtual Assets Regulatory Authority classifies perpetual contracts as a subcategory of exchange-traded derivatives, and its rules do not characterize such products as swaps.
No-action relief addresses digital asset collateral
The Division also issued a no-action position regarding Coinbase Financial Markets’ proposed use of customer-owned digital commodities and payment stablecoins as collateral for foreign futures and foreign options positions traded through affiliated entities.
Under the position, staff said it would not recommend enforcement action if Coinbase Financial Markets posts customer-owned digital commodities and payment stablecoins with its affiliated foreign broker, Coinbase Bermuda Limited, to margin customer foreign futures and foreign options positions on Deribit, provided specified conditions are met.
The relief also applies where the foreign broker obtains a right of re-use over the customer assets, provided the right of re-use is authorized or required under the applicable local regulatory regime and the assets are used solely for purposes of margining or securing customer obligations arising from foreign futures and foreign options positions.
Relief subject to conditions
The no-action position is subject to a number of conditions, including requirements that Coinbase Financial Markets, Coinbase Bermuda Limited, and Deribit remain wholly owned subsidiaries of Coinbase Global; that additional customer disclosures be provided; and that the firms maintain specified risk-management, information-security, and oversight measures.
The Division also required compliance with conditions contained in a previous staff letter addressing the treatment of certain digital assets accepted as margin collateral.
Why it matters
The letter provides regulatory clarity on the treatment of certain crypto perpetual contracts under existing CFTC regulations and on the use of customer-owned digital commodities and payment stablecoins as collateral for foreign futures and foreign options positions. The Division expressly limited its interpretation to perpetual contracts structured similarly to the Deribit products and based on digital commodities with deep, active, and continuous spot market trading.
