So, the CFTC is finally ready to move on crypto perpetual futures. Michael Selig, the chairman of the CFTC, just mentioned at the Milken Institute panel that they are preparing to bring fully regulated perpetual futures to the US market within the next few weeks. This is big news, especially if you're active in crypto derivatives.

For context, perpetual futures are basically contracts without an expiry date that have become the backbone of global derivatives trading. But in the US? No one has fully compliant products yet. As a result, liquidity has been fleeing to foreign exchanges—Singapore, Dubai, and other international crypto platforms. Selig himself admitted that strict regulations previously were the main driver of this brain drain.

What's interesting is that this isn't just about perpetual futures. The CFTC is also preparing guidance for crypto-based prediction markets. They maintain that they have exclusive jurisdiction over event contract platforms. Meanwhile, SEC Chairman Paul Atkins firmly stated that a more comprehensive reform of digital assets depends on Congressional action.

The regulatory landscape is indeed complicated. There’s a market structure bill currently being discussed in Congress that could redefine responsibilities between the SEC and CFTC. But progress has stalled due to fierce debates over stablecoin yields, tokenized equities, and ethical provisions. If this bill passes, regulated perpetual futures could reshape the entire crypto derivatives trading ecosystem in America.

For traders and institutions, this is a crucial moment. If the launch of regulated perpetual futures succeeds within the promised timeline, the trading volume that has been dominated by foreign platforms could start returning to US venues. The next few weeks will be critical to see if America can reclaim a significant share of global crypto derivatives liquidity. Worth watching.