There is a very interesting change happening behind the scenes of American regulation. The CFTC, the commission that oversees the futures market, is moving to officially bring crypto perpetual futures to the US.

CFTC Chairman Michael Selig said during a panel at the Milken Institute in Washington that the agency is working to release these contracts "within the next month or so." For those who don’t follow closely, perpetual futures are derivative contracts without an expiration date that dominate crypto trading abroad. Here in the US, they are practically nonexistent on platforms that are within the law.

The interesting point is that Selig acknowledged that old policies basically pushed all liquidity out. Now they are trying to bring it back to the American market, but this time with domestic oversight. The CFTC is also preparing guidelines on crypto-related prediction markets, emphasizing that it has jurisdiction over these platforms.

Of course, there is a complicated political background. Selig is the only commissioner confirmed by the Senate at the CFTC right now, with four vacant seats. Meanwhile, SEC Chairman Paul Atkins highlighted that broader digital asset reform will depend on Congress. The two regulators are signaling that legislative clarity is urgently needed.

There is a bill circulating in Congress that could redefine how the SEC and CFTC share responsibilities. But progress is stalled due to debates over stablecoin yields, tokenized stocks, and ethical issues.

If this gets approved, it could change the game significantly. Regulated perpetual futures in the US would mean bringing back all that volume of derivatives being traded on foreign exchanges. For traders and institutions, the coming weeks could be decisive in determining whether America can regain a significant share of the global crypto derivatives liquidity.