In late May and June 2026, the Commodity Futures Trading Commission (CFTC) took several coordinated steps to establish the first federal regulatory framework for crypto asset perpetual futures. These actions included approving Kalshi’s BTCPERP bitcoin perpetual futures contract, endorsing case-by-case review of additional perpetual contracts and issuing guidance on 24/7 trading, foreign futures categorization and the conversion of perpetual-style futures into true perpetuals. CFTC Chairman Michael Selig framed the effort as a way to “onshore” crypto asset perpetuals, a market segment that has largely traded on offshore venues.
These developments coincided with the SEC and CFTC’s ongoing “Project Crypto” harmonization initiative, reflected in joint requests for comment on data reporting, derivatives product definitions and portfolio margining, as well as the SEC’s draft strategic plan prioritizing a coherent digital asset framework. Stablecoin regulation also advanced through OCC and