The Commodity Futures Trading Commission (CFTC) recently noted an interesting trend: every single proposal submitted in response to its call for public comment on 24/7 derivatives and perpetuals trading focused exclusively on crypto asset products—not traditional commodities.
This insight, shared by Eleanor Terrett on Twitter, gives us a glimpse into the mindset of American retail investors and how cryptocurrencies are gaining traction among even the more traditional market participants.
24/7 Trading Gains Momentum
Acting CFTC Chair Caroline D. Pham addressed the topic in a recent speech, talking about potential updates to the U.S. derivatives markets.
Right now, most financial markets close on weekends, meaning if something big happens, like a sudden crash or a major news event, investors and traders have to wait until Monday to react. This can create a risk avalanche, as selling pressure can build up through Saturday and Sunday—or even overnight—creating a larger than expected price change when markets finally reopen.
For this reason, Chair Pham emphasized that introducing 24/7 derivatives trading could significantly improve market stability and risk management by allowing traders to react to unexpected events in real time instead of waiting for traditional markets to reopen.
She pointed to Coinbase Derivatives as a key example of this shift, noting that its recently launched 24/7 Bitcoin futures have already seen weekend trading volumes matching weekday activity, demonstrating strong demand for continuous access to financial markets.
Additionally, the CFTC is considering tokenized assets and stablecoins as potential collateral options in a round-the-clock trading environment, which could help mitigate credit risk and enhance market liquidity.
Perpetual Futures Already Trading in the U.S.
Despite ongoing discussions, perpetual futures are already live in U.S. markets. Bitnomial, for instance, rolled out Bitcoin perpetual futures in April 2025, bringing crypto derivatives further into regulated territory.
Regulatory Decisions Ahead
With crypto derivatives gaining traction and key exchanges embracing 24/7 trading, the CFTC’s eventual stance could shape the future of perpetuals and tokenized assets in U.S. markets. While momentum is clearly building, regulatory hurdles—especially concerning collateral, price stability, and risk mitigation—are likely to remain a major factor in policy decisions moving forward.
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