CFTC chair Michael Selig targets US launch of crypto perpetual futures within a month

CFTC Chairman Michael Selig announced plans to bring perpetual futures trading to US markets within roughly a month, signaling a significant step in domestic crypto derivatives regulation.

Perpetual futures allow traders to hold positions indefinitely without expiration dates, relying instead on periodic funding rates to maintain price alignment with underlying assets. These instruments have long dominated offshore venues but remained in a regulatory gray area domestically.

“We’re working towards getting true perpetual futures, not long dated contracts, here in the US within the next month or so,” Selig said Tuesday at a Milken Institute event in Washington.

The chairman first outlined a framework for these products at the Milken Institute Global Conference on May 6, 2025. In late January 2026, he and SEC Chairman Paul Atkins jointly launched Project Crypto, an initiative to harmonize oversight between the two agencies and encourage compliant onshore trading.

The CFTC laid groundwork for expanded derivatives activity on December 4, 2025, when Acting Chair Pham authorized listed spot crypto products on regulated exchanges.

Under the emerging framework, regulators are expected to impose leverage caps and transparency requirements aimed at reducing risks associated with offshore platforms like Binance and Bybit, where perpetual contracts generate substantial volume.​

The agency has maintained jurisdiction over crypto derivatives since 2015. Selig, who previously served as chief counsel for the SEC’s crypto task force, has prioritized positioning domestic markets as viable alternatives to unregulated foreign exchanges.