CFTC Chairman Mike Selig expects to approve perpetual futures contracts for crypto trading in the U.S. within the next few weeks, ending years of offshore dominance by exchanges like Binance and bringing a popular trading product back to American markets.

The Perpetual Problem

Crypto perpetual futures exploded offshore around 2017-2018 as U.S. regulators remained averse to the product despite its popularity. 

The main regulatory hurdle centers on how to characterize perpetuals under the Commodity Exchange Act, which originally only covered futures contracts and options before Dodd-Frank added swaps.

The debate focuses on whether perpetuals qualify as “contracts for future delivery”…

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