CFTC clears perpetual futures on stocks, bringing crypto trading model to Wall Street

The CFTC has cleared perpetual futures on stocks, bringing the crypto-native trading model to Wall Street under U.S. regulation. Chair Michael Selig framed the approval as giving American traders a regulated alternative to “offshore, and often unregulated, venues.” The decision extends a product structure long dominated by crypto derivatives platforms to traditional equity exposure, potentially reshaping how U.S. traders access leveraged stock positions. It also signals a more permissive stance from the agency toward novel derivative structures. Market participants will watch which exchanges and brokers list the contracts first, how margin and leverage limits are set, and whether offshore perpetual venues see U.S. volume migrate onshore.