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CFTC Chairman Michael Selig has signaled that perpetual futures will still be reviewed case by case beyond crypto, even as the regulator defends its decision to let Kalshi and Coinbase offer crypto-linked perpetual contracts in the US.
The remarks limit how far the CFTC’s crypto-perp approvals can be read across other asset classes. Perpetual futures are moving into regulated US markets after years of growth offshore, but the agency is still treating new listings as a product-by-product review rather than a blanket approval.
Crypto Perps Cleared First in US
The CFTC approved Kalshi’s Bitcoin perpetual future on May 29 and said it would not object to Coinbase allowing US customers to access crypto perpetuals listed through Deribit, the exchange Coinbase bought this year.
The approvals apply to cryptocurrency-linked contracts, not traditional commodity or equity markets. The CFTC also issued a policy requiring case-by-case review of new perpetual products tied to assets beyond those already approved.
Case-By-Case Review Limits Expansion
That distinction matters because perpetual futures do not expire and can be held indefinitely. They also use funding and margin mechanics that are familiar in crypto markets but less tested in regulated US derivatives markets.
Selig’s caution suggests oil, equities and other regulated assets would face a harder review before similar contracts reach those markets.
CME Lawsuit Challenges CFTC Approvals
CME Group has sued the CFTC and Selig over the approvals, arguing that perpetual futures should be treated as swaps under Dodd-Frank rather than listed futures.
The lawsuit seeks to void Kalshi’s Bitcoin perp approval and the policy statement that opened a path for similar products. CME said the approvals harm its business and bypass rules built for riskier swap products.
Kalshi and Coinbase Cite Competition
The CFTC has called the lawsuit frivolous. Kalshi and Coinbase have framed the dispute as a fight over competition, arguing that regulated US access is better than leaving perpetual futures activity offshore.
The case now puts the CFTC’s first US crypto-perp approvals under court review while the agency considers how far the product structure can spread.
$61.7T Perp Volume Keeps Pressure on CFTC
The market is too large for regulators to ignore. Perpetual futures trading volume reached $61.7 trillion in 2025, up 29% from 2024. That scale explains why regulators are under pressure to decide whether perpetual futures should remain largely offshore or move into regulated US venues.
For now, the CFTC’s position is narrow: crypto-linked perps have cleared the first path, but non-crypto products still face a separate review.
