SEC Chair Paul Atkins and CFTC Chair Michael Selig addressed market structure, prediction markets and perpetual futures at a Tuesday event.
In a significant joint appearance, the leaders of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) provided key insights into the regulatory future of digital asset derivatives. The discussion, hosted by the Milken Institute in Washington, D.C., highlighted both agencies’ active roles in shaping a clearer framework for crypto markets amid a period of political transition and legislative debate.
CFTC Moves Forward on Perpetual Futures and Prediction Markets
CFTC Chair Michael Selig announced that his agency is on the cusp of providing regulatory clarity for two major areas of the crypto market. Speaking on a panel with SEC Chair Paul Atkins, Selig stated the CFTC expects to establish a pathway for “true perpetual futures” contracts for cryptocurrencies in the United States “within the next month or so.” Perpetual futures, a dominant derivative product in global crypto trading that lacks an expiry date, have largely been traded on platforms outside U.S. jurisdiction.
Selig also indicated that guidance on prediction markets—platforms where users wager on event outcomes—is forthcoming “in the very near future.” This follows his assertion in February that the CFTC holds “exclusive jurisdiction” over such event contracts, a position that directly challenges ongoing state-level enforcement actions against companies like Kalshi and Polymarket. The CFTC’s stance aims to centralize oversight at the federal level, though its current operational capacity is limited.
The CFTC’s Leadership Vacuum
A critical contextual factor for the CFTC’s actions is its lack of full leadership. As of the event, Chair Selig remains the only Senate-confirmed commissioner at the agency. The four remaining commissioner slots are vacant, with no public indication that President Donald Trump intends to nominate individuals to fill them. This single-commissioner structure constrains the CFTC’s ability to enact major rule changes, which typically require a majority vote, making Selig’s announcements particularly notable as potential guidance or interpretive statements rather than formal rulemakings.
SEC Chair Seeks Congressional Mandate for Crypto Enforcement
While the CFTC looks to act, SEC Chair Paul Atkins emphasized the need for explicit statutory authority from Congress to robustly regulate digital asset securities. Atkins pointed to the ongoing market structure legislative proposal—a bill that would define jurisdictional boundaries between the SEC and CFTC for crypto tokens and their trading—as essential for providing the agency with the “sense of Congress enshrined in statutory form” needed to direct courts and support enforcement efforts.
“There’s only so much you can do without legal certainty from Congress,” responded Selig, acknowledging the interdependent nature of the agencies’ authority. Atkins’ comments reflect a longstanding SEC position that its existing mandate is sufficient but that clearer legislation would bolster its hand in court, especially following a series of legal setbacks in crypto enforcement cases.
Legislative Outlook: Stalled Bill and Stablecoin Talks
The legislative path for the market structure bill remains uncertain. As of Tuesday, the Senate Banking Committee had not scheduled a markup session to consider the legislation. Its progress has been effectively paused by internal discussions among lawmakers on contentious issues including ethics rules for crypto firms, the regulation of yield from stablecoins, and the treatment of tokenized traditional securities like equities.
Simultaneously, the White House has held a series of meetings with industry leaders focused on stablecoin yield—the interest earned on tokenized dollars. The outcome of these talks and whether they will produce a consensus that unblocks the broader market structure bill is a key question for the industry. The coordination (or lack thereof) between the congressional legislative process and the White House’s policy development will significantly influence the timeline for comprehensive U.S. crypto market reform.
Source: Michael Selig
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy
