CFTC to Introduce Perpetual Futures Framework 'Within the Next Month'
At a Milken Institute panel in Washington, D.C., Commodity Futures Trading Commission (CFTC) Chair Michael Selig stated the agency is preparing to address cryptocurrency perpetual futures. Selig announced that the CFTC is working to bring "true perpetual futures" to the United States "within the next month or so." This move is part of a clear strategy to reclaim market activity that has moved to offshore jurisdictions. "The prior administration drove a lot of these firms and the liquidity offshore," Selig remarked, signaling a potential shift in regulatory approach aimed at creating a competitive U.S. market for these popular derivatives.
Regulators Await Congressional Action for Full Crypto Clarity
Both the CFTC and the Securities and Exchange Commission (SEC) are signaling the limits of their authority without new legislation. During the panel, SEC Chair Paul Atkins emphasized the need for a "sense of Congress enshrined in statutory form" to provide clear guidance for the courts and regulatory bodies. Selig echoed this sentiment, stating, "There's only so much you can do without legal certainty from Congress." This highlights a dependency on a digital asset market structure bill, which is currently navigating Congress, for comprehensive regulatory reform.
In addition to futures, Selig confirmed the CFTC is working to provide guidance on prediction markets "in the very near future." He reiterated the agency's position from February, asserting that the CFTC holds "exclusive jurisdiction" over event contracts. This move aims to resolve ambiguity created by enforcement actions from various state-level authorities against platforms like Kalshi and Polymarket, further consolidating the CFTC's role in the digital derivatives space.
