CFTC Chair Signals Near-Future US Approval for Crypto Perpetual Futures as Exchanges Launch

CFTC Chair Michael Selig announced plans to allow U.S. perpetual futures soon, accelerating launches by major exchanges. The story began April 22 with Kraken's up-to-$550 million Bitnomial acquisition for perps tech, Coinbase's self-certification of five-year perpetual-style contracts at 10x leverage, and Robinhood/Gemini explorations. Perpetuals volumes soared to $61.7 trillion in 2025 (+29% y/y), vs. spot's $18.6 trillion (+9%), highlighting demand but raising risks from offshore 50x leverage. Regulators may cap leverage, shaping onshore competition.