CFTC Chair Says 'It's Time to Act': US Regulator Accelerates Crypto Rulemaking, Perpetual Contracts in Focus

BlockBeats news, September 24: Eight days after the U.S. Senate rejected the CLARITY Act, CFTC Chairman Mike Selig said he will use existing statutory authority to formulate crypto market structure rules on his own, stating it is time to act. The CFTC submitted two pre-rules to the White House: "Regulation of Crypto Asset Trading" and "Regulation of Crypto Asset Markets." Selig said the CFTC must reassess all rules to adapt to 24/7 on-chain markets driven by algorithms and agentic finance.

The focus of this series of actions is perpetual contracts. The CFTC can establish a designated contract market category, allowing trading platforms to offer leveraged crypto trading under its supervision, but it cannot assert jurisdiction over the spot market. This still requires legislation, which is precisely the core of the CLARITY Act. Therefore, perpetual contracts have become the most direct breakthrough point, with Hyperliquid and Lighter being the clear recent winners.