Morning Minute: Selig Says ‘It’s Go Time’ for CFTC Crypto Rules
The CFTC has been extremely busy ever since the Clarity Act failed its vote, and it appears they’re ready to accelerate.
Eight days after the Senate blocked the Clarity Act, CFTC Chair Mike Selig went on CNBC and said the agency is writing crypto market structure rules anyway. His phrase was “it’s go time.” He argued the CFTC’s existing statutory authority gives it room to act without Congress.
The week that followed the failed vote has been the busiest stretch of US crypto policy in years, and none of it required a bill.
Atkins and Selig both said within 24 hours that they would proceed. Since then:
Selig’s framing goes further than crypto. He said the agency has to reevaluate all its rules for a transition to 24/7 onchain markets driven by algorithms and agentic finance. That’s the CFTC saying it expects to regulate markets where software, not people, does the trading.
What actually changes here? The CFTC can build a designated contract market category letting exchanges offer leveraged crypto trading under its oversight. It cannot claim jurisdiction over the spot market, which was the entire point of Clarity and still requires legislation.
So perps it is. This is a huge headline for the perps leaders and their integration into the US. Hyperliquid and Lighter are the clear winners (LIT hit an ATH at $5.40 yesterday and HYPE is within 1-2% of ATH). It appears they will have the full green light, it’s just a matter of time. Expect to see a slew of announcements out of these two as the CFTC pushes forward.
