The US Is Finally Getting Crypto Perpetual Futures — Here’s What We Know

TLDR

• CFTC Chair Michael Selig says a US crypto perpetual futures framework is coming “within the next month or so”
• The rules will cover structure, oversight, and registration requirements for crypto derivatives
• Most crypto perpetual futures trading currently happens outside the US due to regulatory gaps
• CFTC is also preparing guidance on prediction markets in the “near future”
• The Digital Asset Market Clarity Act is still stalled in negotiations between Congress, industry, and the White House

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The US Commodity Futures Trading Commission is preparing to introduce rules for crypto perpetual futures contracts, according to CFTC Chair Michael Selig.

Selig made the comments at a Milken Institute panel in Washington, DC on Tuesday. He appeared alongside SEC Chair Paul Atkins.

Perpetual futures are a type of derivative that lets traders bet on crypto prices without an expiry date. They are widely used in crypto markets globally but have not had a clear US regulatory home.

He attributed the current gap to the previous administration. Selig said prior regulatory uncertainty pushed firms and liquidity offshore.

The new framework will define how these contracts are structured and what registration standards firms must meet. The CFTC plans to clarify the rules for domestic market participants.

Prediction Markets Also Getting Guidance

Alongside perpetual futures, the CFTC is preparing guidance for prediction markets. Selig said standards for event-based contracts would be issued in the near future.

Prediction market platforms like Kalshi and Polymarket have faced state-level enforcement actions. The CFTC has pushed back on those, claiming federal jurisdiction over event contracts.

A group led by Rep. Mick Mulvaney is pushing for a crackdown on prediction markets. They argue the platforms blur the line between investing and gambling.

The CFTC maintains these contracts fall under federal authority as commodity-focused derivatives.

Crypto Market Structure Bill Still Stalled

Atkins told the panel that the SEC still needs statutory clarity from Congress. He said a Supreme Court ruling two years ago reduced deference to federal agencies, raising the risk of legal challenges.

The Digital Asset Market Clarity Act, which would divide regulatory responsibilities between the SEC and CFTC, remains in limbo. Negotiations are ongoing with crypto industry groups, banking representatives, and the White House.

As of Tuesday, the Senate Banking Committee had not scheduled a markup session for the bill.

The White House recently held talks with industry leaders on stablecoin yield. It remained unclear whether those discussions would lead to legislative progress.

The CFTC currently has only one Senate-confirmed commissioner. Selig is the sole confirmed member, with four slots vacant and no nominations announced.

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