Selig said the offshore market has been thriving and argued regulated futures contracts with no expiration date should be approved despite criticism.
CFTC Chair Michael Selig defended perpetual futures and pushed back on critics, saying, "incumbents are always going to fear the future." He said the product has been flourishing offshore and argued that "it's time to approve regulated futures contracts that have no expiration date." The remarks point to support for bringing perpetual futures (derivatives with no expiry date) into a regulated U.S. framework under the CFTC (U.S. derivatives regulator), a shift that could matter for crypto market structure because the instrument is widely used on offshore venues.