CFTC chair says perp buying and selling now not legal for all property it regulates
Newest NewsPrintedJun 23, 2026
Michael Selig suggested US cotton producers that the company’s regulatory manner to crypto perpetual futures may maybe maybe maybe also now not be a “natural fit for ancient commodity markets, adore agriculture.”
Commodity Futures Buying and selling Rate (CFTC) Chair Michael Selig on Tuesday acknowledged essential variations in the ancient commodity markets it has long regulated and its more most up-to-date role overseeing capabilities of the cryptocurrency and blockchain commerce.
He suggested the American Cotton Shippers Association Annual Convention that focused on the company’s roots in overseeing asset classes that vary from corn to hog bellies, the perpetual contracts tied to digital property weren’t “legal for all asset classes, particularly in merchandise adore agriculture.”
“We entirely look and exertion that 24-7 buying and selling and the perpetual model is now not a natural fit for ancient commodity markets, adore agriculture, that scrutinize cramped buying and selling hours and count on bodily birth,” stated Selig.
The CFTC chair’s remarks followed the company approving perpetual futures contracts tied to the exertion tag of Bitcoin for prediction markets platform Kalshi and issuing a no-trail space for same merchandise on cryptocurrency alternate Coinbase in May perchance. Kraken also attributable to this fact launched perpetual futures buying and selling for US users by its CFTC-regulated platform Bitnomial.
Related: Crypto lobby urges Congress to trail staking and mining tax bill as is
Selig’s space as sole commissioner at the CFTC, each in claiming that the company has “irregular jurisdiction” in overseeing prediction markets and approving crypto perpetual futures, has introduced about legal backlash from many corporations and grunt stage authorities. Final week, the Chicago Mercantile Alternate (CME) Neighborhood sued the company in the District of Columbia, alleging that the perpetual contract approvals violated the Commodity Alternate Act.
Calm no commissioner nominations from Trump
No matter the urging of many US lawmakers, President Donald Trump has made no switch to have faith out the CFTC’s 5-particular person leadership panel. Selig has been basically the most convenient Republican commissioner and chair following the departure of Caroline Pham in December 2025.
The US Senate is anticipated to carry find yourself a vote on the Digital Asset Market Clarity (CLARITY) Act in a matter of weeks, which would perchance maybe maybe swap the roles of the CFTC and Securities and Alternate Rate in overseeing digital property.
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