CFTC Chair Explains Approval of First US-Regulated Bitcoin Perp

Key Takeaways

• CFTC Chair Michael Selig defended the approval of BTCPERP, the first US-regulated perpetual futures contract.
• His argument: US law never defines “futures,” only “contracts for future delivery,” which courts interpret.
• The approval brings a market traded mostly offshore onto a regulated US exchange.
• CME’s Terry Duffy has criticized the fast-tracked review of a novel product.