Outgoing Commodity Futures Trading Commission Commissioner Summer Mersinger has indicated that crypto perpetual futures could soon be legally traded in the United States. In an interview on Bloomberg TV, Mersinger expressed optimism that these products—commonly known as perpetual swaps—could come to market quickly and would effectively bring leveraged crypto trading back onshore.
Perpetual swaps are a type of cryptocurrency derivative that allows traders to bet on price movements without an expiry date, employing a funding rate mechanism to keep prices tethered to the spot market. They have become a dominant product offshore but are largely unavailable on U.S. exchanges due to regulatory restrictions.
Mersinger, who is stepping down from the CFTC to become CEO of the Blockchain Association, the leading crypto industry lobbying group in Washington, emphasized the need for coordination between the CFTC and SEC on crypto oversight. She has been a vocal advocate for regulated crypto futures markets and stablecoin legislation, signaling confidence in the asset class’s permanence and the U.S.'s intention to lead in this sector.
The global crypto futures market recently recorded $3.7 trillion in volume, illustrating the significance of these derivatives. Following Mersinger's statements, the token HYPE of Hyperliquid—a Layer 1 blockchain optimized for perpetual futures trading—jumped 18%, reflecting market anticipation of regulatory progress.