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CFTC Chair Michael Selig backs U.S. Bitcoin perpetual futures approval

CFTC Chair Michael Selig backs U.S. Bitcoin perpetual futures approval

Selig said perpetual futures need no fixed expiry under U.S. law, would face standard CFTC leverage limits, and could shift crypto derivatives liquidity from offshore venues to regulated domestic markets.

BTC

Fact Check
All elements of the claim are confirmed by primary and authoritative sources. The CFTC's own published Selig statement (seligstatement052926) and Katten's legal analysis confirm: (1) the CFTC determined perpetuals need no fixed expiry, accepting the 'futurity' argument under U.S. law citing Chicago Mercantile Exchange v. SEC; (2) the contracts face standard CFTC leverage/risk controls (10x leverage limit, margin and position requirements); and (3) Selig explicitly framed the approval as shifting crypto derivatives liquidity from offshore venues onshore to regulated domestic markets, stating it keeps risks domestic 'rather than pushing those risks offshore to unregulated venues.' Multiple independent sources (CoinDesk, Fortune, Bloomberg, Katten, CryptoBriefing) corroborate.
Summary

CFTC Chair Michael Selig said Bitcoin perpetual futures could be approved under existing U.S. rules, arguing that perpetual contracts do not require a fixed expiry under the Commodity Exchange Act or CFTC rules. He said CFTC-regulated perpetuals would face the same leverage limits as other regulated futures contracts and noted that an April 2025 CFTC request for comment on perpetual contracts and 24/7 trading drew more than 100 responses. The development is significant because perpetual futures, which use funding rates to help keep prices aligned with spot markets, have largely traded on offshore platforms; a regulated U.S. market could pull liquidity back to domestic venues and affect global crypto market structure, pricing, and competition.

Terms & Concepts
  • CFTC: U.S. derivatives regulator
  • Commodity Exchange Act: U.S. law governing derivatives markets
  • funding rates: Periodic payments that help keep perpetual futures prices aligned with spot markets