CFTC chair questions perpetuals for commodities

• CFTC Chair Michael Selig said perpetual futures may not suit all asset classes regulated by the agency.
• The comments followed recent approvals allowing crypto perpetual futures on regulated US platforms.
• Legal and political scrutiny continues as lawmakers debate the future regulatory framework for digital assets.

Michael Selig, chair of the Commodity Futures Trading Commission, said perpetual futures contracts may not be appropriate for all markets the agency regulates, particularly agricultural commodities that rely on physical delivery and limited trading hours.

The comments came after the CFTC approved Bitcoin (CRYPTO:BTC) perpetual futures for Kalshi and issued a no-action position supporting similar products on Coinbase in May.

“We fully recognize and understand that 24-7 trading and the perpetual model is not a natural fit for traditional commodity markets, like agriculture, that observe limited trading hours and rely on physical delivery,” said CFTC Chair Michael Selig.

The regulator has recently expanded its oversight of crypto-related perpetual futures, with Kraken launching similar products for US users through its CFTC-regulated Bitnomial platform following the agency's actions.

Selig also maintained that the CFTC has exclusive jurisdiction over prediction markets, although the agency's decisions have triggered legal challenges, including a lawsuit filed by Chicago Mercantile Exchange alleging the approvals violate the Commodity Exchange Act.

The debate comes as the Senate prepares to consider the Digital Asset Market Clarity Act, which could redefine regulatory responsibilities between the CFTC and the Securities and Exchange Commission.

Selig currently serves as the CFTC's sole commissioner and chair following the departure of Caroline Pham in December 2025, while President Donald Trump has yet to nominate additional commissioners to fill the agency's leadership panel.

At the time of reporting, Bitcoin price was $62,921.71.