The Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Mike Selig, stated that in the past, U.S. authorities were hesitant to regulate the cryptocurrency industry, forcing the perpetual contract market to grow wildly overseas. To address this, the CFTC is actively developing regulatory guidelines and plans to open platforms offering perpetual contract products within a month.
On Tuesday, Mike Selig mentioned at an event hosted by the Milken Institute in Washington that most perpetual contracts are traded on overseas exchanges mainly because the U.S. has historically taken a conservative approach to industry regulation, lacking clear rules, which has driven companies and liquidity abroad. He said:
We are working hard to establish real professional futures contracts in the U.S. within the next month or so. We will soon announce this progress.
On Tuesday, Mike Selig appeared alongside SEC Chairman Paul Atkins. Currently, these two major regulatory agencies are jointly promoting an “Innovation Exemption” mechanism, allowing industry players to experiment with products under certain conditions without fear of regulatory crackdowns.
Additionally, Mike Selig promised to clarify regulatory boundaries for DeFi developers. After years of litigation and operating in regulatory gray areas, the market is eager for clearer policy directions.
As for the recently popular prediction markets, they are also about to receive clear regulatory standards. Mike Selig emphasized that although local gaming regulators have expressed concerns about such platforms, the CFTC remains the primary federal regulator. Regarding potential conflicts between the two regulatory systems, he also expressed goodwill on Tuesday, stating: “The two can actually coexist peacefully.”
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