The CFTC’s Market Participants Division on Friday issued new guidance and a no-action stance in response to a request from Coinbase Financial Markets, addressing the regulatory treatment of crypto perpetual futures and associated margin arrangements with offshore affiliates.

The staff said that the perpetual contracts in question can be treated as “foreign futures” under existing CFTC rules. The contracts are listed on Coinbase Financial Markets’ affiliated exchange, Deribit FZE, and fall under Commission Regulation 30.1.

Separately, the CFTC staff said it would not pursue enforcement action under specified conditions if Coinbase Financial Markets posts customer crypto assets and stablecoins with a foreign broker affiliate for use as margin in foreign futures and options trading, even where those assets may be reused by the broker.