CFTC chair Selig defends decision to approve ‘perps’ in U.S.

From cnbc.com Watch this video at https://www.metalsmine.com/news/1403846-cftc-chair-selig-defends-decision-to-approve-perps.

Commodity Futures Trading Commission chair Michael Selig weighed into the perpetual futures debate in a Monday appearance on CNBC’s “Fast Money,” defending his agency’s decision to approve the asset domestically. Selig said that incumbents will always fear the future, but that the commission is looking to onshore products that are being developed internationally to ensure they can be made safely under robust regulations. “It’s time to approve regulated futures contracts that have no expiration date,” he said. “We’re going to make sure the product’s available, but it’s well regulated here in the U.S.” In late May, the CFTC approved prediction market platform Kalshi to begin offering bitcoin perpetual futures, or “perps,” futures contracts with no expiration date that allow traders to speculate on a price without owning the underlying asset. Popular overseas, the approval marked the first time the asset class was allowed in the U.S. Kalshi has since expanded its perps offerings to other cryptocurrencies.