US Approves High‑Leverage Bitcoin Perpetuals While SEC Token‑Fundraising Rules Remain Proposals

In late May, the Commodity Futures Trading Commission (CFTC) gave the green light to a Bitcoin perpetual contract on a regulated U.S. exchange, marking the first true crypto perpetual listed under existing derivatives law. The approval, filed by Kalshi under Regulation 40.3, allows traders to hold positions with up to six‑times leverage and no expiry date. Bitnomial has since launched its own U.S.‑regulated Bitcoin perpetual futures.

How Perpetual Contracts Work

Unlike standard futures that expire on a set date, perpetual contracts remain open indefinitely. Traders exchange regular funding payments to keep the contract price aligned with the underlying asset, while maintaining sufficient collateral. This design, popular on offshore exchanges, now has a clear regulatory pathway in the United States.

Regulatory Landscape for Token Fundraising

Three months after the CFTC decision, the Securities and Exchange Commission (SEC) released a proposal titled “Regulation Crypto Assets.” The rule would create a tiered framework for public token offerings, with exemptions ranging from $5 million to $75 million and a safe‑harbor provision for token separation. The proposal is open for comment until Oct. 20, and a final rule will require a subsequent SEC vote.

Current Market Impact

• Bitcoin price rose to around $77,000 on Aug. 21, up roughly 22 % in a week.
• CoinGlass reported $154.6 billion in 24‑hour Bitcoin futures volume and $56.2 billion in open interest.
• Liquidations on Bitcoin futures reached $840 million in the latest rolling window.

These figures illustrate heavy derivative activity while the domestic perpetual market is still nascent. Meanwhile, crypto founders cannot yet use a clear SEC pathway to raise public funds, relying instead on private placements or offshore structures.

Future Outlook

The CFTC continues to solicit comments on 24/7 trading and perpetual designs for energy derivatives, extending the discussion through Aug. 26. The SEC’s token‑fundraising framework faces additional legislative timing, with the CLARITY Act moving through the Senate and a cloture vote slated for mid‑September.

In summary, regulated U.S. entities can now trade high‑leverage Bitcoin perpetuals, but the legal route for creators to launch and fund new tokens remains in a proposal stage.