Selig Paves Way for Crypto Futures with New Regulatory Steps

US Commodity Futures Trading Commission (CFTC) Chairman Mike Selig has announced that it's time to act on crypto regulations, stating 'Time to Act' in an interview with CNBC.

The CFTC is working on rules for structuring the cryptocurrency market within its existing powers, and Selig emphasized that they can take action even without congressional approval.

One of the priorities identified by the CFTC for new regulations is futures contracts (perps), which they plan to create a new market category for, allowing exchange platforms to offer leveraged crypto trading. However, legal regulation is still needed for their claim to jurisdiction over the spot market.

The developments present a significant opportunity for futures leaders like Hyperliquid and Lighter, as they are expected to achieve greater integration into the US market with the CFTC's further steps.

In related news, last week was eventful in terms of US crypto policies, following the Senate's blocking of a bill. The SEC approved a five-year Novelty Exception allowing tokenized US stocks to be traded on public blockchains without exchange registration.