CFTC chief Selig to open path for US crypto perpetuals

CFTC chairman Michael Selig plans to enable US-listed crypto perpetual futures within weeks.

The US Commodity Futures Trading Commission (CFTC) is preparing to clear a formal path for crypto perpetual futures to operate onshore, in what could mark one of the most significant structural shifts for the digital asset derivatives market since the approval of spot exchange-traded products. According to remarks attributed to chairman Michael Selig and relayed via a CoinDesk report, the agency is “working to launch professional futures—genuine professional futures—in the US within approximately the next month,” with multiple policy announcements expected soon. The initiative aims to reverse years of regulatory ambiguity that pushed a large share of perpetual futures activity to offshore platforms, leaving US markets reliant on less standardized products and fragmented liquidity.

Selig’s comments, delivered at a Washington event alongside SEC chair Paul Atkins, frame perpetual futures as a core tool for risk management and price discovery that should exist within a transparent, supervised environment rather than primarily on unregulated exchanges. He argued that the prior approach “failed to create a pathway” for onshore perpetuals, contributing to capital flight and an uneven playing field for US firms. Under the new direction, the CFTC intends to use its rulemaking powers to permit additional tokenized collateral types and to define conditions under which perpetual and other novel derivatives can list and trade, subject to margin, clearing, and conduct safeguards.

Impact on markets and venues

Market participants immediately began debating how onshore perpetuals could reshape flows between US-registered markets and offshore exchanges that have historically dominated perpetual volume. Some commentators suggested that regulated contracts could draw a portion of institutional and professional activity away from lightly supervised venues, especially once larger platforms such as Coinbase expand their CFTC-registered offerings beyond existing structured products. Others questioned whether leverage caps, onboarding requirements, and surveillance obligations might limit the appeal of US-listed perps relative to high-leverage offshore alternatives that remain outside the direct reach of American regulators.

The timing also intersects with broader reforms under “Project Crypto,” which seeks clearer rules for DeFi developers, prediction markets, and retail leveraged products, as well as parallel regulatory developments in other jurisdictions under regimes like MiCA. If successful, onshoring more of the perpetual futures complex could tighten the link between CFTC-supervised benchmarks and spot BTC markets, improving transparency while potentially reducing the systemic risk associated with opaque, cross-border leverage cycles. For traders and firms, the coming announcements will determine how quickly new contracts can list, which collateral will qualify, and whether a meaningful share of global perpetual liquidity migrates into the US regulatory perimeter.