Perps Are Coming Onshore | CFTC Chairman Mike Selig

Perps are coming onshore. CFTC Chairman Mike Selig joins David to unpack the first U.S.-regulated Bitcoin perpetual futures contract, the end of regulation by enforcement, and what comes next for Coinbase, Kalshi, Kraken, Gemini, Hyperliquid, Lighter, and the broader U.S. perp market. They also discuss which assets could list next, how U.S. leverage will differ from offshore exchanges, and why equity perps, RWAs, and 24/7 trading may be the next frontier of American finance.

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TIMESTAMPS

0:00 Intro
3:32 Self-Certified Crypto Contracts
7:08 Chasing the U.S. Perps Market
9:00 Bringing Liquidity Onshore
10:18 U.S. Market Guardrails
12:44 Blockchain Transparency Advantage
19:17 Hyperliquid and Onchain Perps
23:09 Real-World Asset Perps
24:38 Equity Perps & SEC
26:35 Incumbents Versus Disruptors
31:28 Derivatives Dominating Crypto
33:16 Perps Are Just Beginning

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RESOURCES

CFTC Chair Mike Selig
x.com/ChairmanSelig

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