SEC and CFTC Propose Regulated U.S. Perpetual Swaps

The U.S. SEC and CFTC are exploring regulatory measures to permit perpetual swaps in American markets, intending broader crypto-asset harmonization, including a stakeholder roundtable on September 29, 2025.

If adopted, these regulations might shift perpetual swaps trading from offshore to U.S. markets, aligning with investor protection standards and potentially boosting domestic market liquidity.

SEC, CFTC Eye Regulated Perpetual Swaps to Boost U.S. Markets

The U.S. SEC and CFTC have announced plans to explore the introduction of perpetual swaps in regulated U.S. markets. SEC Chairman Paul S. Atkins and CFTC Acting Chair Caroline D. Pham will host a roundtable on September 29 to discuss the proposal further.

The initiative aims to provide U.S. traders with access to perpetual swaps under new frameworks focused on investor protection and risk management. This would shift trading options from offshore platforms to domestic exchanges.

“As the markets for securities and non-securities increasingly converge, we are excited to embark on a new beginning for coordination between U.S. market regulators. The work of the SEC and CFTC has never been more intertwined—and the wave of innovation before us never more dependent on the depth of our cooperation.” — Paul S. Atkins, Chairman, SEC, and Caroline D. Pham, Acting Chair, CFTC

Regulatory Changes Could Mirror Futures Market Impact

Did you know? The introduction of regulated perpetual swaps could echo the regulatory shifts witnessed during the CFTC’s approval of Bitcoin and Ethereum futures, greatly enhancing institutional crypto market participation.

As of September 5, 2025, Bitcoin is trading at $110,430.98 with a market cap of $2.20 trillion and a 57.85% market dominance, according to CoinMarketCap. The 24-hour trading volume was $58.67 billion, reflecting a 0.59% price rise.

The Coincu research team suggests that successful implementation of these regulations may offer U.S. markets a competitive edge. This could result in higher institutional involvement, bringing more stability and oversight to the crypto industry.