Overview
- Michael Selig is the only sitting commissioner at the Commodity Futures Trading Commission, giving him unusually broad authority to approve products and set rulemaking priorities without the usual five-member deliberation.
- The CFTC under Selig has approved crypto perpetual futures, a type of contract that lets traders hold exposure indefinitely without expirations and which has prompted public concern from established exchanges.
- Selig has moved forward on rulemaking for event-based prediction markets and released internal documents tied to high-profile matters, changes that shift how platforms such as Kalshi and Polymarket may be regulated.
- Bipartisan congressional leaders have urged the White House to nominate more commissioners and are debating legislation that could expand the CFTC’s remit to include crypto spot markets, raising the stakes of Selig’s agenda.
- Agency staff have reported morale and capacity worries as the CFTC offers buyouts and plans to hire about 100 people, while market participants such as CME have publicly criticized recent approvals and market responses have followed.