Crypto Perpetual Futures Are Headed to the US — But First, Regulators Need to Decide What They Actually Are
51d ago · 1 source
The future of perpetual futures (perps) in the US hinges on how regulators choose to classify them — as swaps, futures, or something else entirely. This classification will determine which agency oversees them, what rules apply, and how accessible they'll be to everyday American traders. The regulatory labeling decision could reshape the US crypto derivatives landscape.
WHY IT MATTERS
Think of perpetual futures like a bet on the price of Bitcoin (or any crypto) that never expires — unlike a traditional futures contract that has a set end date. They're hugely popular worldwide but have been mostly off-limits to Americans because US regulators haven't decided how to categorize them. Why does the label matter? Imagine if the government couldn't decide whether ride-sharing apps were taxis or tech companies — the rules that apply would be completely different depending on the answer. Similarly, calling perps a 'swap' versus a 'future' versus something new triggers entirely different rulebooks, different agencies in charge, and different levels of access for regular people. This decision will determine whether average US investors can trade these products and on which platforms.
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