The newly appointed chairman of the Commodity Futures Trading Commission (CFTC), Mike Selig, has indicated that the United States is close to introducing a regulatory framework that would allow perpetual crypto futures to be traded onshore.
If this move is completed as proposed in the coming weeks, it could reshape the digital asset derivatives market and potentially create a significant opportunity for Hyperliquid (HYPE), one of the fastest-growing platforms in the perpetuals segment.
CFTC’s Plan to Bring Crypto Offenders Back to the US
Speak On Tuesday, Selig said at the Milken Institute’s Future of Finance conference that the CFTC plans to establish rules for perpetual crypto futures contracts — instruments that allow traders to maintain exposure to digital assets indefinitely, without expiration dates.
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Although these products have been around for years, they have largely operated on offshore exchanges in jurisdictions such as Asia, Europe and the Bahamas. According to Selig, the United States needs to “recapture” the liquidity that has migrated abroad in the past regulatory conditions.
Selig framed the initiative as part of a broader modernization effort, describing “Project Crypto” as a historic, interagency undertaking designed to update and future-proof financial regulations for emerging technologies.
“We’re working on getting perpetual futures, real perpetual futures, not long-term contracts, here in the U.S. within the next month or so,” Selig said.
In addition to perpetual futures, Selig says regulators are exploring how to deal with this decentralized finance (DeFi) protocols and blockchain-based systems within existing rules.
Hyperliquid Policy Center supports Selig’s policies
The possible adoption of US-based perpetual crypto futures has caught the attention of Hyperliquid, a decentralized exchange (DEX), which has quickly gained fame in the global offender market.
Just two weeks ago, the Hyperliquid Policy Center (HPC) was founded with a grant of 1 million HYPE tokens. The center’s mandate includes working directly with lawmakers and regulators to help shape clear rules for perpetual derivatives in decentralized markets.
Following Selig’s comments, the newly formed policy group publicly welcomed the regulatory direction. The HPC said it supports the Chairman’s forward-looking stance and has expressed a willingness to help ensure that decentralized perpetual derivatives markets can develop within the United States.
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As before reported by Bitcoinist, one of the center’s main objectives is to secure a defined legal structure for perpetual derivatives. Jake Chervinsky, head of the Hyperliquid Policy Center, has argued that perpetual contracts offer practical advantages over traditional futures and options.
According to him, perpetrators are simpler in design and offer more direct exposure to underlying crypto assets. However, without clear regulations, they struggle to gain traction in the US market.
Activity on perpetual platforms has soared since the end of 2025, with total monthly volume reaching $829 billion. Analysts expect this figure could rise further if US regulators approve domestic perpetual crypto futures trading under the CFTC’s new leadership.
At the time of writing, Hyperliquid’s native token, HYPE, was trading at $31.77, having lost 2.4% in the past 24 hours. Nevertheless, the token is one of the few to show gains over longer time frames, growing 74% since the beginning of the year, according to CoinGecko facts.
Featured image from OpenArt, chart from TradingView.com