The CFTC opened two related fronts Monday: a no-action letter for exchanges converting certain perpetual-style broad-based security-index futures into true perpetual futures, and a request for public comment on crypto-asset transaction and market regulation.
Neither is a final rule. The interesting shift is that the argument is becoming less about whether perpetual exposure exists and more about which regulated-market architecture, definitions and safeguards should hold it. For anyone building in event markets or adjacent derivatives, that is the durable signal: product form is outrunning inherited category lines, and the agencies are now working on the seams. CFTC