The CFTC has given the green light to perpetual contracts, and the implementation effects need to be observed before mid-2026. It is positive for liquidity, but risk control clauses must remain unchanged.

Wu Shuo learned that the U.S. Commodity Futures Trading Commission (CFTC) Market Oversight Division issued a No-Action Letter, allowing designated contract markets (DCMs) to convert existing digital commodity perpetual-style futures contracts into true digital commodity perpetual futures contracts, including removing the expiration date, provided they meet investor protection and procedural requirements. Exchanges must notify position-holding clients in advance, provide risk disclosures, and allow closing exits, while not modifying other important contract terms. The relevant exemption will expire on June 30, 2026.