Securities Regulation Daily Wrap Up, COMMODITY FUTURES—CFTC grants no-action relief for removing expiration dates from perpetual-style digital commodity futures, (Jun 15, 2026)

By Rebecca E. Hoffman, J.D.

Such an amendment would normally trigger a stay, but these changes, designed to convert the contracts to “true digital commodity perpetual futures,” will not be stayed in these narrow circumstances.

The CFTC’s Division of Market Oversight’s June 12 staff letter, providing requested no-action relief to Bitnomial Exchange, LLC and Coinbase Derivatives, LLC, provides that it will allow designated contract markets (DCMs) to convert perpetual-style digital commodity futures to true digital commodity perpetual futures by removing their expiration dates, provided this is the only substantive change, and the customers are given proper notice, asked for feedback, and allowed to close positions.

A press release explained that “[t]his no-action letter issued today follows recent Commission actions which clarified the regulatory treatment of true perpetual futures contracts referencing bitcoin and other digital commodities with deep, active, and continuous spot market trading.”

The Commission has stated in a policy statement that perpetual futures referencing assets not contemplated in its May 29, 2026, order should undergo case-by-case review and approval under Regulation 40.3. That order approved the listing by KalshiEx LLC of BTCPERP, a cash-settled derivative contract that references the spot price, in U.S. dollars, of one bitcoin, as measured by the CF Benchmarks Bitcoin Real Time Index (BRTI).

There had been “regulatory uncertainty concerning the appropriate classification of perpetual futures contracts in the U.S. derivatives markets,” but they are now affirmatively classified as futures contracts. Therefore, exchanges are seeking to convert “perpetual-style contracts” referencing digital commodities—which have expiration dates—to true perpetual digital commodities contracts, by amending them to remove their expiration dates.

The two types of contracts do not differ significantly as far as mechanics, apart from the expiration date or lack thereof, but amending a contract from one with an expiration date to one without nevertheless could affect prices. “[T]he outcomes of any change are unpredictable,” the Division noted.

Stay: typically warranted. Such a change, therefore, would normally require that a DCM submit a certification or approval request, and the Commission could decide to stay the decision for 90 days, inviting public comment and a thorough review. “[T]he Division believes that an amendment to the terms and conditions of a perpetual-style futures contract that converts such contract into a true perpetual futures contract likely raises novel and complex issues that require additional time to analyze, particularly for contracts that have open interest,” the letter acknowledged, concluding that such a change would be expected to trigger a stay.

However, the staff letter grants relief to Bitnomial and Coinbase, along with other DCMs, allowing them to expedite their contract amendments and avoid a stay, provided they meet certain conditions. Having to wait 10 days for a decision regarding review “‘could introduce unnecessary market confusion,’” Coinbase had argued. Bitnomial had pointed out that they told their customers about the proposed change, and there had been no opposition, the letter said.

Conditions. DCMs must still file amendments under Regulation 40.6 or 40.5. The contracts must reference digital commodities, the DCMs must solicit feedback from those with open positions on any potential negative consequences, and there must be notice and an option for customers to close out their positions. Further, the DCM must not tack on any other amendments, and must notify the Commission that they will be relying on this no-action decision in conjunction with their futures contracts changeover. The position expires on June 30.

Companies: Bitnomial Exchange, LLC; Coinbase Derivatives, LLC

RegulatoryActivity: Blockchain CommodityFutures Derivatives Enforcement ExchangesMarketRegulation