In late May and June 2026, the Commodity Futures Trading Commission (CFTC) took several coordinated steps to establish the first federal regulatory framework for crypto asset perpetual futures. These actions included approving Kalshi’s BTCPERP bitcoin perpetual futures contract, endorsing case-by-case review of additional perpetual contracts and issuing guidance on 24/7 trading, foreign futures categorization and the conversion of perpetual-style futures into true perpetuals. CFTC Chairman Michael Selig framed the effort as a way to “onshore” crypto asset perpetuals, a market segment that has largely traded on offshore venues.

These developments coincided with the SEC and CFTC’s ongoing “Project Crypto” harmonization initiative, reflected in joint requests for comment on data reporting, derivatives product definitions and portfolio margining, as well as the SEC’s draft strategic plan prioritizing a coherent digital asset framework. Stablecoin regulation also advanced through OCC and New York DFS rulemaking tied to the GENIUS Act and an EBA-DFS memorandum of understanding on cross-border stablecoin supervision under MiCA. Together, these actions reflect a broader shift toward clearer regulatory pathways for digital assets.

At the legislative level, Senate negotiations over digital asset market structure legislation have moved from committee action to resolving the remaining issues needed to bring the CLARITY Act to the floor. Outstanding topics include ethics and conflict-of-interest restrictions for public officials with crypto-related business interests, illicit finance provisions and the allocation of authority between the SEC and CFTC. Supporters are pushing for a July floor vote, though timing remains uncertain as lawmakers continue member education and work toward a broader bipartisan agreement.

Separately, crypto tax legislation continues to advance through the House Ways and Means Committee. The debate remains focused on the tax treatment of mining and staking rewards, potential relief for small digital asset transactions and changes that could attract Democratic support without undermining industry backing. Although Senate Finance members continue to discuss digital asset tax policy, the House package remains the primary legislative vehicle at this stage.