Michael Selig, chair of the U.S. Commodity Futures Trading Commission (CFTC), said the agency is preparing to address perpetual futures contracts for cryptocurrencies and expects to enable “true perpetual futures” in the United States “within the next month or so.” He made the comments during a Milken Institute panel in Washington, D.C., where he spoke alongside SEC Chair Paul Atkins.
Selig, currently the only Senate-confirmed CFTC commissioner, noted there is no indication the White House will nominate candidates to fill the agency’s four vacancies. He said prior policy approaches have pushed many trading firms and liquidity offshore, underscoring the stakes for U.S. market competitiveness.
The CFTC chair also said the agency will soon issue guidance on prediction markets. In February, Selig argued the CFTC has “exclusive jurisdiction” over platforms offering event contracts, positioning the agency against several state enforcement actions targeting firms such as Kalshi and Polymarket. The forthcoming guidance is expected to clarify the CFTC’s approach to event-based contracts and related platforms.
Atkins addressed a related topic: stalled congressional efforts to update market structure rules affecting digital assets. A market structure bill has been delayed amid disputes over issues including ethics, stablecoin yields and tokenized equities. Atkins said the SEC needs clear statutory direction from Congress to provide guidance to courts and strengthen the commission’s crypto enforcement and regulatory actions. Selig echoed that view, noting regulators have limited tools without legal certainty from lawmakers.
As of the panel, the Senate Banking Committee had not scheduled a markup on the market structure legislation. Separately, the White House has continued talks with industry leaders about stablecoin yields, but it remains uncertain whether those discussions will produce legislative progress.
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