CFTC Commissioner Summer Mersinger: U.S. cryptocurrency perpetual futures will be approved for launch "very soon."

CN
14 hours ago

Outgoing U.S. Commodity Futures Trading Commission (CFTC) Commissioner Summer Mersinger stated that cryptocurrency perpetual futures contracts could be "approved for regulation in the U.S. very soon."

Mersinger mentioned in an interview with Bloomberg TV on May 22 that perpetual crypto futures "can enter the market right now."

She said, "We have seen some applications, and I believe we will soon see some products start trading in real-time." She also added that bringing these trades back to the U.S. would be "a great thing."

Mersinger will leave the CFTC at the end of May, and she stated that having regulated crypto derivatives trading in the U.S. "is a very good thing for these markets and will greatly benefit the entire industry."

Cryptocurrency perpetual futures are a type of derivative contract that allows traders to speculate on the price of cryptocurrencies without actually owning them. Unlike traditional futures contracts that have an expiration date, perpetual futures can be held indefinitely and can be traded with high leverage.

Currently, the U.S. does not allow trading of cryptocurrency perpetual futures, which are traded on large offshore centralized exchanges such as Binance, OKX, and Bybit.

According to CoinGecko, Binance is the largest perpetual futures trading platform, with a daily trading volume of nearly $95 billion. It offers over 500 cryptocurrency perpetual trading pairs with leverage of up to 125 times.

Mersinger stated that the recent procedural vote to advance the GENIUS stablecoin bill indicates that "this asset class is clearly here to stay for the long term."

She also said, "We will indeed make the U.S. the forefront of the economic power that these tokens and this asset class can demonstrate."

At the end of May, Mersinger will leave the CFTC to join the Blockchain Association, an industry organization with over 100 members representing the cryptocurrency industry and economy.

On May 14, the Blockchain Association announced that its current CEO, Kristin Smith, would be stepping down, and Mersinger will take over the position on June 2.

She stated, "We have a very strong new CFTC chair who has a good voice in the crypto industry and will be a true advocate for the industry and the agency as a whole." She also added that she hopes to contribute more to the crypto industry through her new position.

Related: Kraken to Offer Tokenized U.S. Stock Services to Non-U.S. Clients

Original article: “CFTC Commissioner Summer Mersinger: U.S. Cryptocurrency Perpetual Futures Will Be Approved ‘Very Soon’”

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