The U.S. Commodity Futures Trading Commission has requested public comment on the listing and oversight of derivatives tied to the price of access to computing power, including perpetual compute futures. The review will inform how designated contract markets should apply existing requirements when listing these emerging products, particularly the requirement that contracts not be readily susceptible to manipulation. The consultation focuses on whether compute cash markets have sufficient liquidity, transparency, fungibility and standardization to support reliable derivatives. It also examines cash-settlement benchmarks, market surveillance, supplier concentration and pricing power, customer and retail protections, anti-money laundering considerations, and potential safeguards for perpetual contracts. The commission noted that compute pricing is largely fragmented across opaque bilateral transactions and can vary substantially by provider, region and contract structure, while most initial derivatives are expected to be cash-settled because of physical-delivery challenges. Comments will be accepted for 60 days after publication in the Federal Register.

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