Michael Selig, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC), reaffirmed on June 16, 2026, that the agency will evaluate perpetual futures listings on an asset-by-asset basis. This position, shared via the social media platform X, pushes back against industry expectations for blanket authorizations of these complex derivatives.
The stance aligns with a policy statement issued by the commission on May 29, 2026, which first detailed the requirement for case-by-case reviews to ensure market safety and customer protection.
The regulatory focus intensified on May 29, 2026, when the CFTC approved its first U.S.-listed Bitcoin perpetual future, the BTCPERP contract by KalshiEX, LLC. While that approval was historic, the agency simultaneously emphasized that other perpetual contracts must undergo individual scrutiny.
Chairman Selig noted that the agency had not approved a new type of derivative in over a decade, describing the move as a “watershed moment” for bringing liquid crypto markets into the domestic regulatory framework.
The decision to mandate individual reviews comes as the global perpetual market, valued at over $60 trillion in 2025, remains largely concentrated on offshore platforms. By requiring an affirmative review under Commission Regulation 40.3, the CFTC aims to manage the unique risks associated with different underlying assets. This differs from the standard Regulation 40.
2 self-certification process, as Bitcoin signals market structure shifts that may require more rigorous oversight than traditional futures products.
Strict review process under Commission Regulation 40.3
Future perpetual products are now encouraged to be submitted under Regulation 40.3, which necessitates a formal review and approval from the commission staff. Chairman Selig argued on Blockworks’ Empire podcast that this method promotes transparency and facilitates engagement with registrants.
He clarified that while the agency is excited to see more products, the process will take time to ensure each asset is vetted for its specific risk profile and liquidity.
The pace of this regulatory rollout has already caused friction with some established financial institutions. Terry Duffy, the Chairman and CEO of CME Group, raised concerns during the Piper Sandler Global Exchange and Trading Conference on June 4, 2026.
Duffy expressed trouble with the speed of certain reviews, noting that one novel and complex product appeared to undergo a review in less than 24 hours via self-certification, despite the broader shift toward Regulation 40.3 requirements.
Market demand remains high despite these regulatory hurdles and Bitcoin targets 70,000 support levels amidst shifting ETF flows. Tarek Mansour, the CEO of Kalshi, told CNBC that the BTCPERP contract crossed $1 billion in trading volume within its first week of U.S. operation.
This volume indicates significant appetite for regulated alternatives to offshore trading, where leverage can reach 250x, compared to the 10x limit typically found on CFTC-regulated contracts.
Clarity for future crypto derivative listings
The CFTC’s cautious approach is backed by more than 100 public comments received since April 2025 from various stakeholders. These insights are helping the agency define how different assets pose varying levels of risk to the financial system. Bringing these markets back to the U.S.
is a core component of the President’s Working Group on Digital Asset Markets report, which Selig cited as a primary driver for the current strategy.
The move toward an asset-by-asset framework suggests that high-cap assets like Bitcoin will lead the way while more volatile tokens face a longer path to approval. Selig has made it clear that “unique characteristics” of the referencing asset must be understood before a never-expiring contract can be listed. This ensures that the U.S.
derivatives market does not mirror the extreme volatility seen in unregulated global venues.
As the commission continues its work, the success of the Kalshi contract serves as a blueprint for the “asset-by-asset” protocol. While many in the industry expected the Bitcoin approval to set a universal precedent, the agency remains committed to its granular review process. This strategy effectively balances the goal of financial innovation with the statutory mandate to protect market participants from systemic shocks.