CFTC Signals U.S. Crypto Perpetual Futures Guidance as SEC Pushes for Regulatory Clarity

The U.S. crypto derivatives market may soon see significant regulatory movement as Commodity Futures Trading Commission (CFTC) Chairman Mike Selig announced plans to issue guidance on crypto perpetual futures within the next month. Speaking at a Milken Institute event in Washington, Selig said the agency is working to establish a framework that could bring “true professional futures” trading back to the United States.

Crypto perpetual futures — derivatives contracts that do not expire and often involve leveraged trading — have largely developed offshore due to regulatory uncertainty in the U.S. According to Selig, reluctance from previous administrations pushed liquidity and crypto trading firms overseas. Major exchanges like Kraken have expanded perpetual futures offerings to non-U.S. users, highlighting the demand for clearer domestic regulation.

Selig emphasized that the CFTC, currently operating with him as its sole commissioner, is preparing to provide near-term guidance on decentralized finance (DeFi) oversight and prediction markets. The agency aims to set “very clear standards” for event-based contracts offered by platforms such as Polymarket and Kalshi. Oversight of these prediction markets has sparked legal disputes with state gambling regulators, though Selig reaffirmed the CFTC’s authority in federal court while acknowledging that parallel regulatory regimes could coexist.

Alongside Securities and Exchange Commission (SEC) Chairman Paul Atkins, Selig highlighted a coordinated digital asset strategy referred to as “Project Crypto.” The regulators are exploring “innovation exceptions” to allow blockchain and crypto experimentation without immediate enforcement risk. However, Atkins stressed the need for statutory clarity from Congress, noting that recent Supreme Court decisions have weakened federal agencies’ authority in court challenges.

Meanwhile, the Digital Asset Market Clarity Act remains stalled in the U.S. Senate. As negotiations continue among lawmakers, industry stakeholders, and the White House, the window for meaningful crypto legislation in 2026 is narrowing with approaching midterm elections.

Clear federal guidance on crypto regulation, perpetual futures, DeFi, and prediction markets could reshape the U.S. digital asset landscape and potentially bring offshore crypto activity back onshore.