Nghiên cứu đã kiểm chứng nguồn: CFTC TRUE Digital Commodity

Verified source facts

1. CFTC staff announced the no-action letter on June 12, 2026. 2. The letter addressed removal of expiration dates from existing perpetual-style digital-commodity futures. 3. Conditions included participant feedback, advance notice, an exit opportunity, risk disclosures and no other material term changes. 4. The release says the no-action positions expired on June 30, 2026.

Comparison at a glance

1. Usage and measurement test: Document type

Stablecoin adoption cannot be inferred from a single gross counter. The document type dimension concerns time-limited no-action letter. Define the economic job, unit of observation, time window and entities included before counting, then identify weight. Otherwise one routed transaction, exchange rebalance or contract hop may be mistaken for several independent users or payments.

Separate ledger events from economic outcomes. A transfer can be real on-chain yet still represent internal treasury movement, automated arbitrage, bridge routing, collateral management or redemption rather than a purchase. Official sources can frame the categories, but they do not resolve approval confusion. The dataset and classification method therefore belong beside every headline number.

For document type, publish the numerator, denominator and exclusions that support the claim. Make the analyst identify weight, and compare at least one activity metric with one outcome metric relevant to time-limited no-action letter. Because approval confusion remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

2. Usage and measurement test: Venue

The venue dimension concerns designated contract market. Define the economic job, unit of observation, time window and entities included before counting, then verify registration.

Official sources can frame the categories, but they do not resolve offshore inference.

For venue, publish the numerator, denominator and exclusions that support the claim. Make the analyst verify registration, and compare at least one activity metric with one outcome metric relevant to designated contract market. Because offshore inference remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

3. Usage and measurement test: Existing contract

The existing contract dimension concerns perpetual-style futures. Define the economic job, unit of observation, time window and entities included before counting, then match instrument.

Official sources can frame the categories, but they do not resolve new listing.

For existing contract, publish the numerator, denominator and exclusions that support the claim. Make the analyst match instrument, and compare at least one activity metric with one outcome metric relevant to perpetual-style futures. Because new listing remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

4. Usage and measurement test: Amendment

The amendment dimension concerns remove expiration date. Define the economic job, unit of observation, time window and entities included before counting, then read full filing.

Official sources can frame the categories, but they do not resolve other changes.

For amendment, publish the numerator, denominator and exclusions that support the claim. Make the analyst read full filing, and compare at least one activity metric with one outcome metric relevant to remove expiration date. Because other changes remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

5. Usage and measurement test: Open positions

The open positions dimension concerns affected participants. Define the economic job, unit of observation, time window and entities included before counting, then identify exposure.

Official sources can frame the categories, but they do not resolve forced conversion.

For open positions, publish the numerator, denominator and exclusions that support the claim. Make the analyst identify exposure, and compare at least one activity metric with one outcome metric relevant to affected participants. Because forced conversion remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

6. Usage and measurement test: Feedback

The feedback dimension concerns market participant input. Define the economic job, unit of observation, time window and entities included before counting, then retain process.

Official sources can frame the categories, but they do not resolve formalism.

For feedback, publish the numerator, denominator and exclusions that support the claim. Make the analyst retain process, and compare at least one activity metric with one outcome metric relevant to market participant input. Because formalism remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

7. Usage and measurement test: Notice

The notice dimension concerns advance timing. Define the economic job, unit of observation, time window and entities included before counting, then capture deadline.

Official sources can frame the categories, but they do not resolve late awareness.

For notice, publish the numerator, denominator and exclusions that support the claim. Make the analyst capture deadline, and compare at least one activity metric with one outcome metric relevant to advance timing. Because late awareness remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

8. Usage and measurement test: Exit

The exit dimension concerns opportunity before change. Define the economic job, unit of observation, time window and entities included before counting, then test liquidity.

Official sources can frame the categories, but they do not resolve wide spread.

For exit, publish the numerator, denominator and exclusions that support the claim. Make the analyst test liquidity, and compare at least one activity metric with one outcome metric relevant to opportunity before change. Because wide spread remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

9. Usage and measurement test: Disclosure

The disclosure dimension concerns updated risk terms. Define the economic job, unit of observation, time window and entities included before counting, then read current version.

Official sources can frame the categories, but they do not resolve stale document.

For disclosure, publish the numerator, denominator and exclusions that support the claim. Make the analyst read current version, and compare at least one activity metric with one outcome metric relevant to updated risk terms. Because stale document remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

10. Usage and measurement test: Current status

The current status dimension concerns relief expiration and later rules. Define the economic job, unit of observation, time window and entities included before counting, then reverify now.

Official sources can frame the categories, but they do not resolve historical reliance.

For current status, publish the numerator, denominator and exclusions that support the claim. Make the analyst reverify now, and compare at least one activity metric with one outcome metric relevant to relief expiration and later rules. Because historical reliance remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

Decision scenarios

Scenario 1: when document type becomes decisive

Consider a reader whose main constraint is time-limited no-action letter. The correct response is not to infer a universal platform or product winner. It is to identify weight, retain the evidence, and define a stop condition before funds or permissions are committed. If the evidence changes, the decision must be reopened. This produces a repeatable operating rule rather than a one-time opinion.

Scenario 2: when venue becomes decisive

Consider a reader whose main constraint is designated contract market. It is to verify registration, retain the evidence, and define a stop condition before funds or permissions are committed.

Scenario 3: when existing contract becomes decisive

Consider a reader whose main constraint is perpetual-style futures. It is to match instrument, retain the evidence, and define a stop condition before funds or permissions are committed.

Scenario 4: when amendment becomes decisive

Consider a reader whose main constraint is remove expiration date. It is to read full filing, retain the evidence, and define a stop condition before funds or permissions are committed.

Scenario 5: when open positions becomes decisive

Consider a reader whose main constraint is affected participants. It is to identify exposure, retain the evidence, and define a stop condition before funds or permissions are committed.

Scenario 6: when feedback becomes decisive

Consider a reader whose main constraint is market participant input. It is to retain process, retain the evidence, and define a stop condition before funds or permissions are committed.

Sources and editorial method

• True digital commodity perpetual conversion — CFTC
• Staff Letter 26-19 — CFTC
• Policy statement on perpetual contracts — CFTC