CFTC chair Michael Selig defends approval of first US-regulated Bitcoin perpetual futures contract

CFTC Chair Michael Selig defended the approval of BTCPERP, described as the first US-regulated perpetual futures contract. He said U.S. law defines “contracts for future delivery” rather than “futures,” and that such contracts do not require a fixed expiry. Selig argued the decision brings a market that has largely traded offshore onto a regulated U.S. exchange.