Key takeaways

• The CFTC is enabling onshore perpetual contracts in the US, marking a pivotal regulatory shift.
• Approval of Bitcoin perpetual contracts has spurred a wave of new self-certified digital commodity products.
• The expectation is for more products to be self-certified as perpetual contracts in the future.
• Digital commodities derive their value from networks, protocols, or applications and can be self-certified if compliant.
• Crypto assets can be categorized for self-certification based on legislative clarity.
• Seventeen crypto assets beyond Bitcoin have been self-certified by exchanges recently.
• The CFTC aims to bring offshore perpetual markets onshore within a regulated framework.
• Regulation and innovation can coexist in the crypto space, according to the CFTC.
• The CFTC is setting best-in-class regulatory standards for crypto markets.
• US exchanges have strict regulations to protect customer funds and limit leverage compared to offshore markets.
• The regulatory landscape for crypto futures in the US is evolving with new rules and clearer guidelines.
• The self-certification process is crucial for the development of new crypto products.
• The CFTC’s regulatory approach could influence global standards for crypto markets.

Guest intro

Mike Selig serves as Chairman of the US Commodity Futures Trading Commission (CFTC). He previously spent a decade as a lawyer representing crypto firms and joined the SEC’s crypto task force in 2025 before becoming CFTC Chairman in December 2025.

The shift to onshore perpetual contracts

• The CFTC is opening the gate for onshore perpetual contracts in the US

  — Mike Selig

• This shift marks a watershed moment in US regulatory policy for crypto futures.

• We’ve turned the tide on years of regulation by enforcement

  — Mike Selig

• The goal is to bring crypto trading back to the US from offshore markets.

• We want it to be here in the United States

  — Mike Selig

• This move could significantly impact the future of crypto trading in the US.
• The CFTC’s approach aims to balance regulation with market growth.

• We want to bring offshore perpetual markets onshore

  — Mike Selig

The rise of self-certified digital commodities

• Approval of Bitcoin perpetual contracts has led to new self-certified products.

• We’ve now seen a number of products self-certified as perpetual contracts

  — Mike Selig

• Self-certification allows for faster innovation in the digital commodity space.
• The process is crucial for the development of new crypto products.

• We expect to see more in the future

  — Mike Selig

• Digital commodities derive value from networks, protocols, or applications.

• Those are assets that derive their value from a network or protocol

  — Mike Selig

• The regulatory environment is evolving to accommodate these new products.

Categorizing crypto assets for self-certification

• Crypto assets can be categorized based on legislative clarity for self-certification.

• We worked together on an interpretation that divided up crypto assets into categories

  — Mike Selig

• This categorization allows compliant exchanges to self-certify assets.
• The perpetual order granted by the CFTC facilitates this process.
• Seventeen crypto assets beyond Bitcoin have been self-certified recently.

• There are about 17 other assets beyond Bitcoin that we saw self-certified

  — Mike Selig

• This activity indicates a growing market for self-certified crypto assets.
• The CFTC’s framework provides clarity for exchanges and market participants.

Balancing regulation and innovation

• The CFTC believes regulation can coexist with innovation in the crypto space.

• This administration believes in regulation but also in innovation

  — Mike Selig

• The goal is to set guardrails while encouraging new financial products.

• We want it here in the US but we’re gonna set guardrails around it

  — Mike Selig

• This approach aims to foster a thriving crypto industry in the US.
• The CFTC’s regulatory standards are intended to be best-in-class.

• Those guardrails will be best in class, the gold standard

  — Mike Selig

• The US is positioned to lead in setting global crypto market standards.

Protecting customer funds and limiting leverage

• US exchanges have strict regulations to protect customer funds.

• Each of our exchanges is CFTC registered… overseen by the CFTC

  — Mike Selig

• These regulations limit leverage compared to offshore markets.

• In the United States we’ve seen more five to seven x range

  — Mike Selig

• This framework ensures safer trading conditions for customers.
• Offshore markets often offer excessive leverage, posing higher risks.

• Leverage offshore you see two fifty x sometimes

  — Mike Selig

• The CFTC’s approach prioritizes customer safety and market integrity.

The impact of regulatory clarity on crypto markets

• Regulatory clarity is crucial for the growth of crypto markets in the US.
• The CFTC’s new rules provide clearer guidelines for market participants.
• This clarity encourages innovation and the development of new products.
• The self-certification process is a key component of this regulatory framework.

• We break down at the SEC and CFTC crypto assets using clear rules

  — Mike Selig

• The CFTC’s approach could serve as a model for other countries.

• We expect other countries to follow but we are gonna lead

  — Mike Selig

• The evolving regulatory landscape supports a thriving crypto ecosystem.