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The newly appointed Chair of the Commodity Futures Trading Commission (CFTC), Mike Selig, has signaled that the United States is close to introducing a regulatory framework that would allow crypto perpetual futures to trade onshore.
The move, if finalized in the coming weeks as suggested, 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.
Speaking Tuesday at the Milken Institute’s Future of Finance conference, Selig said the CFTC plans to establish rules for crypto perpetual futures contracts — instruments that allow traders to maintain leveraged exposure to digital assets indefinitely, without expiration dates.
While these products have existed 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” liquidity that migrated overseas under prior 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 towards getting perpetual futures, true perpetual futures, not long-dated contracts, here in the U.S. within the next month or so,” Selig stated.
In addition to perpetual futures, Selig said regulators are examining how to accommodate decentralized finance (DeFi) protocols and blockchain-based systems within existing rules.
The potential approval of US-based crypto perpetual futures has drawn attention from Hyperliquid, a decentralized exchange (DEX) that has rapidly gained prominence in the global perps market.
Just two weeks ago, the Hyperliquid Policy Center (HPC) was established 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 remarks, the newly formed policy group publicly welcomed the regulatory direction. The HPC said it supports the Chair’s forward-looking stance and expressed readiness to assist in ensuring that decentralized perpetual derivatives markets can develop within the United States.
As previously reported by Bitcoinist, one of the center’s main objectives is to secure a defined legal structure for perpetual derivatives. Jake Chervinsky, who leads the Hyperliquid Policy Center, has argued that perpetual contracts offer practical advantages compared to traditional futures and options.
In his view, perps are simpler in design and provide more direct exposure to underlying crypto assets. However, without regulatory clarity, they have struggled to gain traction within the US market.
Activity across perpetual platforms has surged since late 2025, with total monthly volume reaching $829 billion. Analysts expect that figure could climb further if US regulators approve domestic crypto perpetual futures trading under the CFTC’s new leadership.
At the time of writing, Hyperliquid’s native token, HYPE, was trading at $31.77, having recorded losses of 2.4% over the previous 24 hours. Nevertheless, the token is one of the few to show gains over longer time frames, with year-to-date growth of 74%, according to CoinGecko data.
Featured image from OpenArt, chart from TradingView.com
