CFTC chair pushes new crypto market rules

TLDR

CFTC Chair Michael Selig is moving ahead with new US crypto market-structure rules using existing authority, focusing on perpetual futures and 24/7 on-chain markets.

1. Two draft rules, Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets, have been sent to the White House for review as the CLARITY Act stalls in Congress.
2. The push targets leveraged perpetual futures and 24/7 on-chain markets under CFTC derivatives oversight, but spot crypto trading remains outside its jurisdiction without new legislation.
3. For crypto users, the next signals will be publication of rule text, comment periods, and how US exchanges and offshore perp venues adjust to a more formal framework.

Deep Dive

1. What Rules Are Coming

Selig has signaled that its go time for crypto rules and confirmed that the CFTC has submitted two proposals, Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets, to the White House Office of Information and Regulatory Affairs for review, starting a CFTC-led framework under current law. Recent reporting outlines these two proposals as the vehicle for new trading and market rules.

Separate coverage notes that the agency is reassessing rules for markets that trade continuously on-chain and are influenced by algorithms and agentic finance, framing these proposals as part of a broader modernization agenda. The texts are not yet public, so the precise obligations for platforms and intermediaries remain unknown.

2. Scope And Market Impact

The CFTCs focus is on derivatives, especially perpetual futures and leveraged contracts. Reports describe plans for a new designated contract market category that would allow exchanges to offer leveraged crypto trading under direct CFTC oversight, with specific rules for risk, margin and surveillance on crypto perps. TokenPost highlights a perpetual contracts focus alongside 24/7 on-chain markets powered by algorithms and AI.

At the same time, the CFTC has been explicit that it cannot on its own create full federal oversight of spot crypto. Coverage of the CLARITY Acts failure stresses that unleveraged spot trading remains under limited anti-fraud authority, not full registration and rulebooks. Derivatives venues may face clearer standards, while spot-only platforms stay in a more ambiguous regime.

3. What To Watch Next

Market structure will be shaped by how these proposals are published and refined. Key triggers include:

1. Release of draft rule text and the length and intensity of the public comment period.
2. Any coordination updates between the SEC and CFTC, which already have a formal agreement to align on digital assets.
3. How major perp venues respond, including listing, leverage and collateral policies for US-facing users.

Confidence: high because multiple independent regulatory and media sources describe the same rulemaking steps and constraints on spot authority.

Conclusion

Seligs move to push crypto market rules under existing CFTC authority marks a shift from waiting on Congress to active derivatives-focused regulation. The biggest near-term impact is likely on perpetual futures and leveraged trading, while spot crypto markets remain largely unchanged at the federal level until legislators act. For crypto users, the practical edge lies in tracking how rule drafts, SECCFTC coordination and exchange responses evolve, since those signals will define where regulatory risk and clarity increase over the next year.