CFTC staff permits temporary conversion of existing contracts into true digital-commodity perpetual futures

What changed

CFTC staff provided temporary no-action relief allowing designated contract markets to remove expiration dates from certain existing digital-commodity perpetual-style futures while open interest existed, subject to participant notice, exit rights, risk disclosures, limited amendments, and Part 40 filings. The relief expired June 30, 2026.

Who it affects

• DCMs, FCMs, clearing members, CTAs, CPOs, advisers, and open-position holders

What is still open

• Longer-term Commission treatment of contract conversions
• Market, funding, liquidation, margin, and disclosure performance after conversion

What it means for an advisor

• Identify whether client positions were amended and whether consent, exit, disclosure, and risk controls were satisfied
• Do not rely on expired no-action relief for later conversions

Previous interpretation

Existing perpetual-style contracts with expiration dates could not be converted with open interest under this temporary staff path.