The Chairman of the US CFTC clarifies that perpetual contract disputes have no fixed maturity date and will not affect futures attributes. The fund rate mechanism helps anchor prices

Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), issued a response on Platform X to clarify many market misunderstandings about perpetual futures contracts and respond to the controversy caused by the recent CFTC approval of relevant contracts. Mike Selig said that the Commodity Exchange Act and relevant CFTC rules do not clearly stipulate that "futures contracts" must have a fixed maturity date or delivery date. Since Congress has not clearly defined the term, futures contracts are mainly determined based on judicial jurisprudence and CFTC interpretation, and a fixed maturity date is not a necessary condition. Regarding the statement that "BTCPERP contracts approved by the CFTC allow U.S. users to use 250 times leverage", high leverage is not a feature of the perpetual contract structure itself, but a feature of the previous offshore platform trading model. Perpetual contracts regulated by the CFTC will comply with the same leverage limits as other regulated futures products. Regarding the query that "the CFTC did not give industry participation and feedback opportunities", the CFTC publicly solicited opinions on "perpetual contracts" and "all-weather transactions" in April 2025, and received more than 100 reports from industry participants, including multiple CFTC registrants. Feedback. In addition, in view of the view that the capital rate mechanism is believed to bring high costs and induce bad market behavior, after taking into account the costs of opening and rolling traditional term futures contracts, the annualized holding cost of the capital rate of perpetual contracts is basically equivalent to that of traditional futures. The funding rate mechanism actually helps maintain price anchors.