CFTC Chair Says Agency Ready to Implement Crypto Market Rules

Eight days after the Senate blocked the Clarity Act, CFTC Chair Mike Selig told CNBC that the agency is proceeding with crypto market structure rules, describing the moment as “go time.” He said the CFTC’s existing statutory authority allows it to act without additional congressional approval.

Regulatory actions this week

• The SEC approved a five‑year Innovation Exemption for tokenized U.S. stocks on public blockchains.
• The SEC held a roundtable on 24‑hour trading with NYSE, Nasdaq and DTCC.
• The CFTC issued a no‑action letter permitting wallet apps to route users to regulated derivatives without registering as brokers.
• The CFTC filed two pre‑rules with the White House: Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets (RIN 3038‑AF80).

Focus on perpetual contracts

Selig emphasized that the CFTC can create a designated contract market category for leveraged crypto trading, giving the agency oversight of perpetual contracts while acknowledging it lacks jurisdiction over spot markets. This development is seen as a major win for perpetual‑contract platforms, with Hyperliquid and Lighter highlighted as likely beneficiaries.

Market snapshot

Crypto majors fell 2‑3% on the day, with Bitcoin at $83.4 k, Ethereum at $2,650, and Solana at $113. Perpetual‑contract tokens such as Hyperliquid (HYPE) and Lighter (LIT) also slipped, though LIT reached a recent all‑time high of $5.40.

Other notable moves

• Bitcoin ETFs recorded $347 million of net inflows; Ethereum ETFs saw $105 million.
• Coinbase launched fixed‑rate Bitcoin‑backed loans using Morpho Midnight.
• Variational announced tokenomics for its upcoming token generation event, including a 32% genesis airdrop and a 100% treasury buy‑and‑burn model.