U.S. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig announced that guidance on U.S. perpetual futures will be issued within the next few weeks to fill regulatory gaps in this area. This move is a key part of the Project Crypto initiative, a collaboration between the CFTC and the SEC aimed at jointly developing digital asset policies and enforcement frameworks.
Selig to Bring Perpetual Futures Under Regulatory Oversight in Coming Weeks
During a speech at the Milken Institute in Washington, Selig stated that the U.S. has historically lagged in developing the cryptocurrency perpetual futures market, mainly due to the lack of clear industry regulation within the country. These derivative contracts, which have no expiration date and are often leveraged, are highly attractive to investors and market liquidity. For example, Kraken recently launched tokenized stock perpetual futures products for non-U.S. users. Selig emphasized that past conservative administrative stances led to capital and business moving offshore. The CFTC plans to release formal guidance within a month to help industry players establish compliant business models. Unlike temporary guidance that can be revoked or amended, the agency prefers to develop comprehensive rules to provide a stable legal foundation, reducing procedural risks from policy changes.
CFTC and SEC Collaborate on Crypto Enforcement
Selig is working jointly with SEC Chair Gary Gensler on the "Crypto Initiative." Both agencies are actively exploring the possibility of offering "innovation exemptions" to allow AI and crypto-related projects to operate without regulatory concerns, maintaining technological development momentum.
Regarding decentralized finance (DeFi), regulators are planning to establish specific developer oversight mechanisms soon. This shift from case-by-case enforcement to comprehensive rulemaking aims to create a more predictable compliance environment. Selig, the sole current member of the commission pushing this policy, has a significant influence on the future structure of the U.S. derivatives market and reflects evolving official perspectives on digital asset management.
The U.S. Senate is still debating the Clarity Act, which aims to establish a comprehensive regulatory framework for cryptocurrencies. However, legislative progress is stalled due to negotiations among industry representatives, banking interests, bipartisan senators, and the administration. Legal experts note that without explicit congressional authorization, regulatory agencies will remain in a gray area of authority. With the 2026 midterm elections approaching, legislative timelines are compressed, decreasing the likelihood of short-term passage. This legislative deadlock forces regulators to maximize administrative authority within existing frameworks to stay competitive in the rapidly evolving global fintech environment.
This article originally appeared on Chain News ABMedia: CFTC Chairman Selig to Clear Obstacles for U.S. Perpetual Futures in the Coming Weeks
