Green Light for Crypto Perpetuals on the Horizon
Crypto traders in the United States could soon have access to perpetual futures contracts, according to remarks made Thursday by outgoing CFTC Commissioner Summer Mersinger. In an interview with Bloomberg TV, Mersinger said, “I think those can come to market now, and we’re seeing some applications, and I believe we’ll have some of those products trading live very soon.”
The anticipated approval marks a potentially transformative moment for U.S. crypto markets, where perpetual futures—derivatives without expiry dates—have long remained out of regulatory reach. Mersinger emphasized their broader potential, stating they “will be really beneficial to the [crypto] industry broadly and to our economy here in the United States.”
A High-Stakes Exit for a Pro-Crypto Advocate
Mersinger’s comments arrive just days before she officially departs the agency to assume the role of CEO at the Blockchain Association, one of the crypto industry’s most prominent lobbying organizations. Her decision ends a tenure that began in 2021 when she was appointed to a Republican vacancy by President Joe Biden.
Mersinger has been a vocal supporter of the crypto industry throughout her time at the CFTC. Her move to the private sector underscores the increasingly porous boundary between regulators and the industries they oversee.
Leadership Vacuum Threatens Progress
Mersinger is not the only one stepping away. Commissioners Caroline Pham, Christy Goldsmith Romero, and Kristin Johnson have also announced plans to leave, raising concerns about the CFTC’s ability to maintain regulatory momentum. Should all four departures occur before replacements are confirmed, the agency would be left with a single sitting commissioner.
The remaining member, Trump-appointed Brian Quintenz, is known for his pro-crypto stance and is awaiting Senate confirmation to continue in the role. His leadership could help keep the Commission’s crypto-friendly direction intact, though reduced headcount may limit effectiveness.
Market Liquidity and Risk in the Spotlight
The introduction of crypto perpetual futures in the U.S. could have wide-ranging effects on market structure. These contracts allow traders to speculate on digital assets like Bitcoin and XRP with leverage, enabling 24/7 trading activity.
Proponents argue that perpetual futures would inject liquidity and innovation into American markets, especially in comparison to more traditional spot trading. However, critics warn that such products can introduce excessive risk to retail investors, particularly those unfamiliar with leveraged trading.
Enforcement Capabilities Under Pressure
A shrinking Commission could hamper the CFTC’s capacity to enforce regulations, propose new rules, and coordinate with other federal agencies. Legal analysts from Paul Hastings LLP noted in a recent blog post that “the reduced number of commissioners could delay enforcement actions, rulemaking activity, and coordination with other financial regulators, increasing pressure on the Senate to expedite the confirmation process.”
This comes at a time when the CFTC is poised to play a pivotal role in shaping the regulatory framework for digital assets in the U.S., especially as lawmakers and agencies consider more comprehensive reforms.
Timing Critical as Political Landscape Shifts
The timing of these developments adds another layer of complexity. With President Trump returning to office, regulatory agencies across the board are experiencing shifts in leadership and policy direction. The potential for crypto regulation to become a political flashpoint could affect how and when new products like perpetual futures are approved.
Until additional commissioners are seated, the fate of key initiatives may rest solely with Quintenz. Whether the Senate moves quickly enough to fill the vacancies will likely determine the pace at which the CFTC can respond to new market trends.
Crypto Industry Watching Closely
As U.S. regulators weigh these next steps, the crypto industry is watching closely. With Mersinger heading into her new role at the Blockchain Association, her influence is unlikely to diminish. Meanwhile, the approval of perpetual futures could signal a new era of mainstream adoption—provided the regulatory scaffolding holds.
If Mersinger’s prediction proves true, traders may not have to wait long. But the broader question remains: can an understaffed CFTC keep up with the breakneck speed of crypto innovation?
