Equity perpetual futures will be eligible for trading starting November 3, 2026, on U.S. CFTC-registered exchanges, extending this instrument from digital commodities to individual stocks. CFTC Chair Michael S. Selig stated that these contracts, known as Equity Perps, will be subject to regulation by both the CFTC and the SEC.
Key points
- Equity Perps now have a pathway to trading on U.S.-regulated exchanges.
- These contracts are regulated by both commodity and securities laws.
- Selig linked this approval to regulated access for hedging and price discovery.
This license covers individual stock contracts traded on designated contract markets registered with the Commodity Futures Trading Commission. These venues must also be registered with the SEC as notice-registered national securities exchanges to engage in security futures trading.
The framework described in Selig's statement includes this dual exchange registration, rather than permitting perpetual stock futures to be traded on any U.S. trading venue.
Selig stated that this expansion enables U.S. market participants to access perpetual contracts for risk management and price discovery, in compliance with applicable laws. He described this move as extending previously approved tools, originally available for Bitcoin, to the traditional securities market.
Approval subjects the contract to the jurisdiction of two regulatory authorities simultaneously.
Under Commission Regulation 40.3, the CFTC has approved Equity Perps as securities futures products compliant with the Commodity Futures Modernization Act of 2000. This classification places these contracts under the regulatory frameworks of both agencies.
The applicable regulations include the Commodity Exchange Act and U.S. federal securities laws. Congress established a combined securities and commodities framework through the Commodity Futures Modernization Act of 2000, creating a pathway for products that fall at the intersection of commodities and securities regulation.
On March 11, 2026, the CFTC and the U.S. Securities and Exchange Commission signed a memorandum of understanding to guide coordination and cooperation between the two agencies. Selig stated that Equity Perps are built upon this agreement and the legal framework.
Addressing jurisdictional gaps
Selig described this approval as a response to regulatory uncertainty—the very uncertainty that has hindered innovative securities futures products from entering the market. He linked this uncertainty to the lack of coordination between the CFTC and the SEC.
In the statement, Selig cited SEC Chairman Paul S. Atkins’ characterization of such products as existing in a regulatory “no man’s land.” He said the two agencies are working to provide regulatory clarity and a pathway to market, rather than allowing jurisdictional disputes to block product launches.
Selig also believes that bringing perpetual derivatives into the U.S. regulated market would allow American investors and traders to access these products within the CFTC’s investor protection framework, rather than turning to typically unregulated offshore platforms. He stated that coordinated regulation helps support legitimate innovation, market integrity, and customer protection.
Bitcoin approval comes first.
This decision follows the CFTC’s approval in early 2026 of the first bitcoin perpetual futures contract traded on a CFTC-regulated exchange. Selig said that approval was an early step in his efforts to bring perpetual derivatives to the U.S. market with appropriate safeguards in place.
In a speech on January 29, 2026, Selig directed the agency to utilize existing tools to advance toward this goal. The order approving KalshiEX LLC’s BTCPERP futures contract was issued on May 29, 2026.
This article was generated with the assistance of artificial intelligence and reviewed by the editorial team.
