CFTC Chairman pushes for legalization of crypto perpetual contracts, marking a move from the "gray area" of regulation to a formal rule framework in the United States, representing a key policy adjustment.

Background and current situation: Perpetual contracts (PERPs) are widely popular due to their no expiration date and high leverage, with global trading volume reaching $61.7 trillion in 2025.
Due to their high-risk nature, these products are not explicitly banned but have long remained in regulatory ambiguity, forcing a large portion of trading offshore.
Policy signals: Since March 2026, the CFTC Chairman has repeatedly announced high-profile plans to clear legal obstacles for "genuine" crypto perpetual contracts within the coming weeks or a month.
This move aims to eliminate regulatory uncertainty and enhance the competitiveness of the U.S. market.
Industry impact: If the policy is implemented, compliant exchanges could become the biggest beneficiaries, attracting trillions of dollars in trading from offshore markets back to domestically regulated exchanges, boosting local liquidity.
However, the inherent high leverage risk of these products also requires strict regulatory constraints on leverage and investor protection to prevent risk spread.
Therefore, this is essentially a institutional game between market development demands and risk management.
#Gate广场五月交易分享