US Government Lifts Ban on Crypto Perpetual Contracts for the First Time: What Does It Mean for the Market?
The U.S. Commodity Futures Trading Commission (CFTC) has issued guidance permitting 24/7 trading and clearing for crypto asset derivatives, effectively opening the U.S. market to crypto perpetual contracts for the first time. This move ends the previous ban and allows American individuals and institutions to trade these instruments around the clock.
Direct beneficiaries include Kalshi, which received approval to list a Bitcoin perpetual contract; Coinbase, now the first CFTC-regulated futures commission merchant for U.S. clients to access global crypto derivatives; and CME, which will transition its Bitcoin futures and options to 24/7 trading.
The CFTC emphasized this is a specific allowance for crypto assets, noting that traditional commodities like agriculture may not be suitable for non-stop trading. It also requires platforms to undergo case-by-case reviews for compliance and risk management.
Industry leaders like Michael Saylor and Brian Armstrong praised the decision for integrating Bitcoin into capital markets and granting U.S. users access to a major global market segment. However, consumer advocacy group Better Markets criticized the CFTC for allegedly neglecting investor protection and favoring the industry it regulates.
Other platforms like Kraken have announced plans to launch regulated perpetual futures for the U.S. market. The policy shift is expected to redirect significant liquidity and institutional participation to the newly accessible U.S. crypto derivatives landscape.
Odaily星球日报05/30 12:57
