A significant regulatory milestone for the U.S. crypto derivatives market might be just around the corner. According to Summer Mersinger, who is soon stepping down from her role as a Commissioner at the Commodity Futures Trading Commission (CFTC), crypto perpetual futures contracts could soon be legally traded on U.S. soil—a potential game-changer for the digital asset space.
In a recent appearance on Bloomberg TV, Mersinger indicated that regulatory paths are opening up for perpetual crypto futures, a type of derivative that allows market participants to bet on the price movements of digital assets without taking actual ownership. These contracts differ from traditional futures in a crucial way—they don’t expire. Traders can hold them indefinitely, often using high leverage to amplify their positions, making them both attractive and risky.
“We’re seeing some applications, and I believe we’ll see some of those products trading live very soon,” Mersinger said. Her remarks suggest that the CFTC is actively reviewing proposals and may soon approve certain platforms to bring these products to market. “It would be great to get that trading back onshore in the United States,” she added, emphasizing the importance of regulated domestic access to such financial instruments.
At present, crypto perpetuals are not permitted within U.S. jurisdictions and are primarily offered by large offshore exchanges like Binance, OKX, and Bybit. Binance, for instance, dominates the global market in this segment, boasting close to $95 billion in daily trading volume, with hundreds of trading pairs and leverage reaching up to 125x.
The absence of onshore access to these products has pushed American traders to seek services from offshore platforms, raising concerns around consumer protection, market transparency, and regulatory oversight. Mersinger believes that bringing these instruments into the fold of U.S. regulation would not only enhance investor safety but also solidify America’s position as a leader in the evolving digital economy.
Her comments come at a pivotal time. Earlier this month, the CFTC advanced the GENIUS Act, a proposed bill addressing stablecoins and broader digital asset regulation. Mersinger sees this as an indication that digital assets have established a permanent place in the financial ecosystem. “This asset class is clearly here to stay,” she remarked, expressing confidence that the U.S. is poised to play a leading role in the global crypto economy.
As Mersinger prepares to leave her post at the end of May, she’s not stepping away from the crypto industry entirely. On June 2, she will begin her new role as the CEO of the Blockchain Association, a major trade organization representing over 100 crypto firms and stakeholders. Her transition follows the departure of the group’s current CEO, Kristin Smith.
Reflecting on the shift, Mersinger expressed optimism about her continued involvement in shaping the industry’s future: “We have a very strong incoming [CFTC] chairman who has a great voice for the crypto industry and will be a real advocate for the industry and the agency at large.”
As regulatory clarity inches closer and industry veterans like Mersinger pivot to advocacy roles, the landscape for crypto in the U.S. appears to be evolving rapidly—perhaps even toward a future where perpetual futures are not just traded offshore, but regulated and thriving within American markets.
