CFTC treats crypto perpetuals as foreign futures, eases FCM transfers

CFTC staff confirmed that certain crypto-asset perpetual contracts are to be treated as foreign futures rather than as a separate category. Alongside this, staff issued a no-action letter addressing futures commission merchants that transfer customer crypto-asset margin to brokers outside the United States. Together the actions clarify the registration and margin-handling path for US-facing perpetuals activity. For operators offering perpetuals to US clients, the categorisation determines which CFTC regime applies and how customer assets may be moved. Firms should review whether their contracts fall within the foreign-futures treatment and whether their FCM and margin arrangements rely on the relief. These are staff positions, so confirm the specific conditions before relying on them.