Acting Chairman of the U.S. CFTC: 24/7 derivatives trading proposal limited to crypto assets

According to crypto journalist Eleanor Terrett, CFTC Acting Chair Caroline Pham stated that all public comment proposals received by the agency regarding 24/7 derivatives and perpetual contracts only involve crypto asset products, not traditional commodities. Pham noted in a speech this week that the CFTC believes round-the-clock trading has potential benefits, including the ability to respond in real-time to sudden events, which is significant for risk managers. She cited Coinbase Derivatives' recently launched 24/7 Bit futures as an example, noting that weekend trading volumes are now comparable to active workdays. Notably, the CFTC is also considering tokenized assets and stablecoins as collateral to address credit risks in 24/7 markets. Regarding perpetual contracts, the CFTC confirmed they are already trading in US markets, with Bitnomial launching Bit perpetual futures in April. Some commentators hope more crypto perpetual contracts can operate under US regulation, citing higher efficiency and lower costs; however, others warn that these contracts may not be suitable for physical commodities due to lack of convergence and additional risks.