What does it mean for the market that the United States Government, for the first time, lifted the encryption contract forever

@OdailyChina

Author: Wenser (@wenser  2010 )

On 29 May, the United States Commodity Futures Trading Commission (CFTC) issued & nbsp;7*24 Guidelines for the regulation of transactionswhich emphasizes that digital infrastructure and global business continuity featuresEncrypted asset-related derivatives are better suited for round-the-clock trading and liquidationI don't know。

This means that, for the first time, the United States, previously regarded as a “encrypted forever-renewed contract exclusion zone”, was released. The United States became the city of encryption, adding a fire。

Numerous encrypted trading platforms and traditional exchanges have emerged to match the entry points。

THE CFTC'S BIGGEST GIFT TO THE ENCRYPTION MARKET: OPEN 7*24 HOURS OF ENDURING MARKET

Not all of themIn 2025, the volume of contract transactions of encrypted derivatives per diem ranged from 60 trillion to 85 trillion dollars, with a maximum of $75 billion per day; about 75 to 80 per cent of the total number of encrypted transactions。(Odaily Daily News)Kalshi CommunicationsCalled the market a total of over $90 trillion in 2025

But for American encryption platforms, regulation has not given clear rules about this huge piece of cake。

AND NOW, THE US CFTC IS OFFICIALLYOPEN THE MARKET TO AMERICAN CITIZENS AND PARTS OF THE COUNTRY, AND THE CEM EXCHANGEI don't know. At the same time, United States agencies and individual users will be able to continue the contract with a seamless trade of 7*24 hours and the old time difference will no longer exist。

According to Michael S. Selig, President of CFTC, this is a historic step “to bring the world's most active encryption derivatives into the United States regulatory framework”. Regulatory action has also quickly triggered the implementation of head encryption platforms。

Direct beneficiaries of the new policy: Kalshi, Coinbase, CME

THAT DAY, AMERICA, CFTCIssue a listing order to the designated contract market, KalshiEX, LLCIt was agreed that it would be traded as a futures product by reference to the BTTCPERP contract on the spot price of bitcoin. The contract was submitted for approval under CFTC Regulation 40.3 on 29 May 2026. In addition, Kalshi plans to launch a series of more than 10 encryption contracts。

Besides, CoinbaseDeclarationTO BE THE FIRST AND ONLY FUTURES COMMISSION (FCC) IN THE UNITED STATES AND CURRENTLY UNDER THE SUPERVISION OF THE CFTC, TO PROVIDE US CLIENTS WITH ACCESS TO THE GLOBAL MARKET FOR ENCRYPTED DERIVATIVES, INCLUDING ENCRYPTION CONTRACTS AND FUTURES(Compatibility of platforms such as Deribit, whose bitcoin options are in over $31 billion)At the same time, Coinbase is also authorized to use the customer ' s encrypted assets/stabilized currency as security (with re-use rights conditions)。

Finally, the CME, a traditional trading platform, is also a direct beneficiary of this policy change. Bitcoin futures and options on its Globex platformFrom Friday to 7*24 transactionsUntil the end of the fixed-market arrangement, which ran from Friday to Sunday, institutional clients were able to sew off the current fluctuations。

BUT THAT DOESN'T MEAN THAT THE VOLUME OF TRANSACTIONS WILL SUDDENLY CLIMB-- DESPITE THE END OF THE “CME GAP” PREVIOUSLY CREATED BY THE WEEKEND BREAK, MARKET LIQUIDITY IS STILL CONCENTRATED MAINLY ON ETF OPTIONS AND THE FOB CONTRACT; THE IBIT OPTION IS SIGNIFICANTLY LARGER THAN THE CME ENCRYPTION OPTION MARKET. AT PRESENT, LARGE TRADERS CONTINUE TO FALL IN EMPTY POSITIONS AND SHORT-TERM EMPTY PRESSURES HAVE DIMINISHED, BUTMultiple layouts are not yet clear trendsI don't know。

THE PRECAUTIONARY APPROACH BEHIND THE CFTC STATEMENT: COMMODITY DIFFERENTIATION AND EMPOWERMENT

Yesterday, in addition to making the “No-Action Letter” statement on the Coinbase platform, two things were highlighted:

1. Traditional bulk commodity derivatives, such as agricultural products, may not be suitable for full 7*24-hour round-the-clock operations because of their geographical and trading characteristics
2. REGULATORY TRADING PLATFORMS, SWAP EXECUTION FACILITIES, DERIVATIVE CLEARING AGENCIES AND FUTURES BROKERS MUST COMPLY WITH THE COMMODITY EXCHANGE ACT (CEA) AND RELATED REGULATORY RULES WHEN EXPANDING ROUND-THE-CLOCK TRANSACTIONS AND PROACTIVELY ASSESS RISK MANAGEMENT AND OPERATIONAL ARRANGEMENTS。

IN OTHER WORDS, 7*24 HOURS OF PERMANENT TRADING IN LARGE COMMODITIES, SUCH AS AGRICULTURAL PRODUCTS, ARE NOT CURRENTLY ALLOWED; AND ANY AGENCY WISHING TO OPEN UP DERIVATIVES 7*24 HOURS OF TRADING MUST COMMUNICATE WITH CFTC STAFF IN ADVANCE AND SUBMIT DETAILED PLANS AND RISK ANALYSIS, WHICH WILL REVIEW COMPLIANCE ON A CASE-BY-CASE BASIS。

In this wayIT'S MORE LIKE "SPECIALTY" TO ENCRYPTED ASSETSOpen the mouth for more encryption platforms and further strengthen its regulatory authority over encrypted asset derivatives。

Industry assessment: one-sided appreciation and support

THE REGULATORY GUIDELINES OF THE UNITED STATES CFTC REPRESENT A TRULY HOME-GROWN ROUND-THE-CLOCK TRADE IN ENCRYPTED DERIVATIVES FROM THE UNITED STATES MARKET, AND MANY OF THE INDIGENOUS USERS WHO WERE PREVIOUSLY EXCLUDED FROM THE UNITED STATES MARKET ARE EXPECTED TO RETURN TO LIQUIDITY QUICKLY AND FURTHER ENHANCE THE PARTICIPATION OF LOCAL INSTITUTIONS, CAPITAL EFFICIENCY AND, TO SOME EXTENT, RISK MANAGEMENT COSTS (ROLLER COSTS, WEEKEND TIME GAPS)。

Strategy, founder, Michael SaylorOrganisationCFTC GUIDES THE DEVELOPMENT OF THE BITCOIN CAPITAL MARKET, INCLUDING ROUND-THE-CLOCK TRANSACTIONS, BTC COLLATERAL, RENEWABLE FUTURES, OPTIONS AND REGULATED ACCESS. THIS WILL BENEFIT BTC HOLDERS, PROVIDE SUPPORT FOR MSTR DEVELOPMENT AND SUPPORT THE DEVELOPMENT OF DIGITAL CREDIT SUPPORTED BY STRC AS BITCOIN。

Coinbase CEO Brian Armstrong# Cheers #“U.S. users have been excluded from this share of the global encrypted market (including futures and options for renewal). But now it's different!"

Kalshi CEO Tarek MansourOrganisation“This marks the evolution of Kalshi from a forecast market leader to a next generation derivative exchange, and a secure, regulated and sustainable contract in the United States will improve the capital allocation and risk management of countless United States enterprises.”

The beneficiaries were able to express themselves in such a way that some outsiders interpreted it as “opening the box of pandoras of speculation”。

UNITED STATES PUBLIC INTEREST THIRD PARTY: CFTC UNPREJUDICED PUBLIC INTEREST AND INVESTOR PROTECTION

Better Markets OfficialOrganisation, “IT IS UNLIKELY THAT THE RISKS ASSOCIATED WITH THE RENEWAL OF FUTURES WILL BE FULLY UNDERSTOOD. WE URGED THE CTC LAST YEAR TO REQUEST ENHANCED INFORMATION DISCLOSURE THAT IS MORE EASILY UNDERSTOOD BY THE DIASPORA. UNFORTUNATELY, THE CFTC NOT ONLY DID NOT REQUIRE SUCH ENHANCED INFORMATION DISCLOSURE, BUT ALSO APPEARED TO COMPLETELY IGNORE THE RISKS TO ITS APPROVED PRODUCTS.”

“CFTC has failed to act as a regulatory authority. It is not surprising, however, that Coinbase and Kalshi acted as advisory bodies on the two advisory boards of CFTC. It is clear that the work of the CTC is not for the public good or for the protection of investors, but for those industries it should regulate.”

CFTC and Coinbase and Kalshi may have some kind of internal cooperation in the delivery of benefits。

The U.S. market will meet the onset of derivatives trading

In addition to the direct beneficiaries mentioned above, the US Encrypted Exchange KrakenIt also meansIn the next 30 days, it is planned to launch to the U.S. market the first ever renewable future product regulated by CFTC. Currently, the renewable futures on Kraken Pro are provided by NinjaTrader Clearing, LLC (operated in the name of Kraken Derivatives USA), a registered futures commission for CFTC; the relevant spot deposits and renewables will be provided in Bitnomial Exchange(Odaily Daily: The latter is an exchange supervised by the CFTC and recently acquired by Kraken parent company Payward)I don't know。

Leaving aside the bipolar commentary, the multibillion-dollar market for durable derivatives is slowly opening up to United States users。