CFTC staff clears Coinbase to offer crypto perpetuals as foreign futures

The CFTC’s Market Participants Division on Friday issued new guidance and a no-action stance in response to a request from Coinbase Financial Markets, addressing the regulatory treatment of crypto perpetual futures and associated margin arrangements with offshore affiliates.

The staff said that the perpetual contracts in question can be treated as “foreign futures” under existing CFTC rules. The contracts are listed on Coinbase Financial Markets’ affiliated exchange, Deribit FZE, and fall under Commission Regulation 30.1.

Separately, the CFTC staff said it would not pursue enforcement action under specified conditions if Coinbase Financial Markets posts customer crypto assets and stablecoins with a foreign broker affiliate for use as margin in foreign futures and options trading, even where those assets may be reused by the broker.

Also on Friday, the CFTC cleared KalshiEX’s BTCPERP contract for listing as a futures contract tied to Bitcoin’s spot price.

CFTC advisory details compliance duties for 24/7 market participants

The CFTC’s Division of Clearing and Risk, Division of Market Oversight, and Market Participants Division further released a staff advisory on 24/7 trading, clearing, and settlement. It encourages responsible innovation while reminding CEA-registered entities of their regulatory obligations.

The advisory also highlights that suitability varies by asset class, with crypto derivatives potentially better suited than agricultural markets, and urges proactive compliance.