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CFTC's Michael Selig says finance needs innovation, not consensus

CFTC's Michael Selig says finance needs innovation, not consensus

The CFTC chairman said crypto, stablecoins, perpetual futures and prediction markets can help modernize U.S. derivatives as Washington weighs broader digital-asset legislation.

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Fact Check
The claim is directly supported by the primary source, Selig's own Economist op-ed 'The new era of finance needs innovation more than consensus' (Aug 6, 2026), and by his official X account @ChairmanSelig posting the same message. Both confirm his stance that the U.S. will keep leading derivatives-market innovation and resist limiting regulatory models. crypto.news independently corroborates the framing. The claim's characterization of resisting consensus-based constraints amid digital assets/tokenization/AI accurately reflects these primary statements.
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Summary

CFTC Chairman Michael Selig said the United States should prioritize domestic financial innovation over waiting for international regulatory consensus, arguing in an Economist opinion essay that crypto, stablecoins, perpetual futures, artificial intelligence and 24-hour trading are reshaping derivatives markets. He pointed to CFTC-regulated Bitcoin futures launched during President Donald Trump’s first administration, said Bitcoin exchange-traded products now hold more than 1.2 million BTC, and highlighted the May 2026 approval of KalshiEX’s BTCPERP as what he described as the first true U.S.-regulated Bitcoin perpetual futures contract. Selig also said recent federal legislation on payment-focused, dollar-backed stablecoins could let regulated stablecoins serve as derivatives collateral, while the agency reviews non-crypto perpetual futures and around-the-clock products such as 24-hour gold futures. He defended prediction markets against European criticism by arguing regulated event contracts improve price discovery, cited Federal Reserve research on forecasting accuracy, and separately urged Congress to pass the CLARITY Act to replace fragmented state rules with a federal framework.

Terms & Concepts
  • stablecoins: Digital tokens designed to hold a steady value, often by being backed by a fiat currency such as the U.S. dollar.
  • perpetual futures: Futures contracts with no expiration date that use periodic payments to keep their price close to the underlying spot market.
  • event contracts: Contracts that pay out based on whether a specific event or outcome occurs.