US CFTC issues no-action letter on converting expiring crypto futures to perpetuals

The U.S. Commodity Futures Trading Commission's (CFTC) Division of Market Oversight issued a no-action letter on June 12 allowing certain expiring crypto futures-like products to be converted into perpetual futures. The policy, an extension of previous regulatory clarifications, applies to specific cryptocurrency products with deep and active spot markets, such as Bitcoin. Under the new guidance, futures products with expiration dates can be converted into perpetual contracts by removing their expiry dates, provided they meet the necessary requirements.