US regulators open comment fight over Bitcoin perp rules

For crypto investors, the next step for US perpetual futures may depend less on demand than on classification. The SEC and CFTC opened a joint public comment process on June 18 that asks how to define swaps, security-based swaps, mixed swaps, event contracts, and other newer products. Those labels decide which agency oversees a contract, where it can trade, and what reporting, margin, and retail access rules apply.

The filing matters for Bitcoin perpetuals because regulators are now testing whether a crypto-style perp can fit inside the US futures system. On May 29, the CFTC approved KalshiEX's BTCPERP as a cash-settled futures contract tied to Bitcoin's spot price. The product has no fixed expiry, marks positions continuously, and uses funding payments to keep the contract close to the reference price.

That approval is already being challenged by CME in court, but the new comment process opens a second track that could shape future listings before they reach the same stage. The agencies are also asking about alternative compliance paths, futures treatment, and products that do not fit older categories cleanly.

Comments will stay open for 60 days after publication in the Federal Register. Early filings from exchanges, market makers, crypto platforms, and prediction-market operators may show whether the market is pushing for broader US onshore access or stricter classification standards.