CFTC clears path for equity perpetual futures on U.S. exchanges
DeFi & Yields ·
Regulators confirmed that perpetual futures tied to individual stocks can now trade on dually registered American exchanges under existing securities-futures rules.
The Commodity Futures Trading Commission said perpetual futures contracts on individual equity securities are now permitted to launch on designated contract markets that also hold notice registration with the Securities and Exchange Commission as national securities exchanges for security futures products, according to a statement from CFTC Chairman Michael S. Selig. The announcement, dated November 03, 2026, marks the first time this category of product has been authorized for listing inside U.S. regulated markets.
The legal basis for the move rests on the Commodity Futures Modernization Act of 2000 together with an existing memorandum of understanding between the CFTC and SEC, which together let the two agencies treat equity perpetuals as security futures products rather than leaving them in an undefined regulatory space, per the CFTC release. Selig framed the decision as resolving years of ambiguity that had kept such instruments from being listed domestically, arguing that the lack of coordination between the two regulators had effectively stranded innovative products outside any clear jurisdictional lane.
In his statement, Selig said the change allows traders in the United States to access the risk-management and price-discovery functions associated with perpetual futures without having to rely on offshore or unregulated trading venues. He characterized the step as consistent with applicable law and said it brings these contracts within the CFTC's existing oversight framework rather than leaving them outside any regulatory structure.
The statement also referenced public remarks from SEC Chairman Paul S. Atkins, who had previously described the unresolved status of security futures and equity perpetuals as a regulatory "no man's land" stemming from insufficient harmonization between the CFTC and SEC. Selig said the two agencies consider that period closed and are now aiming to provide a defined approval pathway for similar innovative products going forward.
Not yet detailed is which specific exchanges or individual equities will be the first to list these perpetual contracts, nor the timeline for when trading will actually begin. It also remains unclear what position limits, margin requirements, or other operational rules will apply to equity perpetuals once they start trading, and whether additional guidance from the SEC will follow to formalize the dual-registration framework referenced in the announcement.