The Commodity Futures Trading Commission's Division of Market Oversight has issued a no-action letter for designated contract markets seeking to convert existing perpetual-style digital commodity futures contracts into true digital commodity perpetual futures. The relief follows recent Commission actions clarifying the regulatory treatment of true perpetual futures contracts that reference bitcoin and other digital commodities with deep, active and continuous spot market trading. Under the letter, designated contract markets may remove expiration dates from existing digital commodity perpetual-style futures contracts and make the amendments needed to convert them, provided they meet specified customer protection and procedural conditions. Those conditions include soliciting feedback from market participants with open positions, providing advance notice and an opportunity to exit positions, offering appropriate risk disclosures, and ensuring that no other material contract terms are changed. Designated contract markets must also file the amendments under Commodity Futures Trading Commission Regulations 40.5 or 40.6 and certify compliance with all conditions. The no-action positions expire on June 30, 2026.
Commodity Futures Trading Commission2026-06-12
Commodity Futures Trading Commission grants no-action relief for DCMs converting perpetual-style digital commodity futures into true perpetual futures
The Commodity Futures Trading Commission's Division of Market Oversight issued no-action relief allowing designated contract markets to convert existing perpetual-style digital commodity futures into true perpetual futures by removing expiration dates. The relief is subject to customer protection and procedural conditions, including notice, exit opportunities, risk disclosures and no other material contract changes. Designated contract markets must file the amendments under Regulations 40.5 or 40.6, and the relief expires on June 30, 2026.