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US clears Bitcoin true-perpetual trading as SEC token rules advance
CFTC approval in late May enabled US venues to list true Bitcoin perpetuals, while the SECs token network funding framework is still only a proposal.
The US market is moving on crypto derivatives, with the CFTC approving a Bitcoin perpetual contract for trading on a regulated exchange on May 29, according to CryptoSlate.
The outlet notes that the SEC followed almost three months later, on Aug. 18, by proposing a legal pathway that could eventually let crypto projects raise money from the public under rules written for token networks. However, that SEC framework is not yet usable by token issuers, since it still requires public comment and another SEC vote.
CryptoSlate links the regulatory shift to visible derivatives activity, saying Bitcoin traded around $77,000 on Aug. 21 and that CoinGlass recorded roughly $154.6 billion in 24-hour Bitcoin futures volume and $56.2 billion in open interest.
The reporting also contrasts trading mechanics: true perpetuals do not expire and rely on regular payments between long and short traders to keep prices anchored, while a traditional futures contract has a set expiration date that forces traders to close or roll. CryptoSlate adds that Kalshi’s BTCPERP approval established that a US platform can list a true crypto perpetual under existing derivatives law, and that Bitnomial has offered one as well.
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