CFTC Chairman Mike Selig says cryptocurrency perpetual futures are beginning to move onshore in the U.S., marking what he calls a "watershed moment" for regulated digital asset markets.

“This Is Just The Beginning, Not End“

In an interview with Bankless on June 15, Selig remarked the CFTC’s recent approval of a Bitcoin (CRYPTO: BTC) perpetual futures contract on a registered U.S. exchange represents a major shift away from years of offshore crypto derivatives activity.

"We want the industry to survive, to thrive and to build here in the U.S," he vouched.

The comments came after the CFTC approved a Bitcoin perpetual futures contract listed by KalshiX and issued a no-action letter allowing Coinbase (NASDAQ:COIN) customers to access certain derivatives products through Deribit.

Selig sees more exchanges are expected to launch similar products. "This is the beginning and not the end," he added.

The Chairman outlined the goal is to bring that activity into a regulated U.S. market structure instead of forcing traders offshore.  "They're going to go use a VPN and access it anyway, and they have none of the protections," he warned

Digital Commodities Could Self-Certify

Selig explained exchanges may be able to self-certify perpetual contracts tied to digital commodities, provided the products meet CFTC standards.

He listed Bitcoin, Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL) and Uniswap’s token as examples of assets that derive value from networks, protocols or applications.

Contracts must have a ready market and must not be readily susceptible to manipulation, he noted.

For more complex categories such as meme coins, tokenized equities, collectibles or security-based products, Selig said exchanges should expect more direct engagement with regulators.

Equity Perps Could Be Next

Selig said the CFTC is also interested in working with the SEC on equity perpetual futures, including products tied to tokenized stocks, pre-IPO companies and other real-world assets.

He acknowledged that such products sit between the jurisdictions of both agencies because they combine derivatives with securities exposure.

"We're very excited to have conversations with the SEC about equity perpetuals and other types of products," he concluded.

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