Key Takeaways
- • CFTC Chair Michael Selig announced the agency will introduce regulatory guidance on "true perpetual futures" for cryptocurrencies within approximately one month, signaling imminent formalization of a major digital asset derivatives market structure.
- • Selig is currently the only Senate-confirmed CFTC commissioner, with four vacant commissioner slots and no indication President Trump will nominate replacements in the near term, creating potential operational constraints on the agency's regulatory capacity.
- • The CFTC plans to issue guidance on prediction markets "in the very near future," reinforcing its claimed exclusive jurisdiction over event contract platforms following February assertions that challenged state-level enforcement actions against companies like Kalshi and Polymarket.
- • SEC Chair Paul Atkins emphasized that Congress must provide statutory clarity on digital asset market structure through legislative action, as regulatory agencies lack sufficient legal authority to implement comprehensive crypto frameworks without explicit congressional direction.
- • The digital asset market structure bill currently moving through Congress remains stalled pending markup consideration by the Senate Banking Committee, with discussions ongoing regarding ethics, stablecoin yield mechanisms, and tokenized equity regulations.
Summary
CFTC Chair Michael Selig announced at a Milken Institute panel in Washington, DC on Tuesday that the agency is advancing toward regulatory approval of cryptocurrency perpetual futures contracts within the next month. Selig stated the CFTC is working toward getting "true perpetual futures" in the United States on an accelerated timeline, marking a significant step toward formalizing crypto derivatives regulation in the domestic market. The statement reflects the agency's effort to reclaim regulatory territory that Selig characterized as having shifted offshore under the prior administration, noting that "the prior administration drove a lot of these firms and the liquidity offshore."
The regulatory environment surrounding the CFTC remains constrained by staffing limitations. Selig is currently the only Senate-confirmed commissioner at the agency, with four commissioner positions remaining vacant. As of Tuesday, there was no indication that President Trump intends to nominate replacements for these slots, potentially limiting the agency's decision-making capacity and bandwidth for addressing the expanding crypto derivatives market.
Beyond perpetual futures, Selig signaled imminent guidance on prediction markets, pledging agency action "in the very near future" on regulatory treatment of event contracts. This follows February statements in which Selig claimed the CFTC holds "exclusive jurisdiction" over platforms offering such contracts, directly challenging state-level enforcement actions against companies including Kalshi and Polymarket.
SEC Chair Paul Atkins, speaking alongside Selig, underscored that Congress must establish clear statutory authority for digital asset regulation, stating the agency needs "a sense of Congress enshrined in statutory form" to direct court interpretation and support regulatory efforts. Selig agreed, noting that "there's only so much you can do without legal certainty from Congress." The digital asset market structure bill currently advancing through Congress remains in discussion stages, with the Senate Banking Committee having scheduled no markup date as of Tuesday. Industry discussions on the bill center on ethics provisions, stablecoin yield mechanisms, and treatment of tokenized equities, effectively placing legislative progress on hold.
The regulatory environment surrounding the CFTC remains constrained by staffing limitations. Selig is currently the only Senate-confirmed commissioner at the agency, with four commissioner positions remaining vacant. As of Tuesday, there was no indication that President Trump intends to nominate replacements for these slots, potentially limiting the agency's decision-making capacity and bandwidth for addressing the expanding crypto derivatives market.
Beyond perpetual futures, Selig signaled imminent guidance on prediction markets, pledging agency action "in the very near future" on regulatory treatment of event contracts. This follows February statements in which Selig claimed the CFTC holds "exclusive jurisdiction" over platforms offering such contracts, directly challenging state-level enforcement actions against companies including Kalshi and Polymarket.
SEC Chair Paul Atkins, speaking alongside Selig, underscored that Congress must establish clear statutory authority for digital asset regulation, stating the agency needs "a sense of Congress enshrined in statutory form" to direct court interpretation and support regulatory efforts. Selig agreed, noting that "there's only so much you can do without legal certainty from Congress." The digital asset market structure bill currently advancing through Congress remains in discussion stages, with the Senate Banking Committee having scheduled no markup date as of Tuesday. Industry discussions on the bill center on ethics provisions, stablecoin yield mechanisms, and treatment of tokenized equities, effectively placing legislative progress on hold.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.